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Are non recourse loans legal in Florida for Self Directed IRAs?
Wiki User
∙ 13y ago
Federal IRS rules and regulations dictate what is legal for self-directed IRAs, not states. Of course non-recourse loans are fine, but there are tax consequences to your IRA and the transaction that you are leveraging your IRA with the loan that is being taken out. Consult a tax professional that understands self-directed IRA's to further clarify.
Wiki User
∙ 13y ago
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Is the State of Florida a Non recourse state?
If a mortgage is foreclosed in Florida, the lender may sue for any deficiencies between the amount of the loan still owed by the borrower and proceeds from the sale of the asset. This applies to mortgages, home equity loans, etc. which is being Forclosed upon in the State of Florida, which I understand to be a Recourse State. Since the loans are Non Recourse so I 'm not protected against them comming after my assests for any deficiency, even though the state of Florida is a Recourse State?
Is there any recourse a cosigner has against the borrower of a defaulted loan?
No, there is no legal recourse that i know of, but I do know of a way to help yourself if the loans are Federally Guaranteed student loans. Have the borrower consolidate the loans without you being a cosigner. Then, the previous loans will be paid off, and a new loan will be made. If you need help getting the defaulted loans consolidated, contact Default Management Services. Google the company name for a phone #. Ask for Doug, he is very knowledgeable.
How can one get loans in Florida?
It is not very challenging to get loans in Florida. In order to get loans in Florida, visit any bank such as Chase Bank, Dollar Bank, or Citi Bank in Florida and apply for a loan.
Where could a person get home equity mortgage loans in Florida?
There are many companies that offer home equity mortgage loans in Florida. Bank of America and Wells Fargo both offer this type of loans across the country, including Florida.
How do you know if your mortgage loan is a non recourse loan or recourse loan?
Good question, I have been looking for an exact answer my self. I have learned from my searches: Generally a note is an obligation to pay and must be paid in full. So, unless a note is explicitly non-recourse, the creditor can seek any of debtor's property for payment (subject to bankruptcy limitations). The general rule is that note secured by mortgages on property are recourse loans. The major exception comes from the antideficiency statues, common in the western states, that apply generally to mortgages securing loans on personal residences.
Are payday loans legal in Florida?
Yes, they are.
Is the State of Florida a Non recourse state?
If a mortgage is foreclosed in Florida, the lender may sue for any deficiencies between the amount of the loan still owed by the borrower and proceeds from the sale of the asset. This applies to mortgages, home equity loans, etc. which is being Forclosed upon in the State of Florida, which I understand to be a Recourse State. Since the loans are Non Recourse so I 'm not protected against them comming after my assests for any deficiency, even though the state of Florida is a Recourse State?
Is there any recourse a cosigner has against the borrower of a defaulted loan?
No, there is no legal recourse that i know of, but I do know of a way to help yourself if the loans are Federally Guaranteed student loans. Have the borrower consolidate the loans without you being a cosigner. Then, the previous loans will be paid off, and a new loan will be made. If you need help getting the defaulted loans consolidated, contact Default Management Services. Google the company name for a phone #. Ask for Doug, he is very knowledgeable.
Is Florida a nonrecourse state?
No, Florida is not a non-recourse state. If a mortgage is foreclosed in Florida, the lender may sue for any deficiencies between the amount of the loan still owed by the borrower and proceeds from the sale of the asset. This applies to mortgages, home equity loans, etc.
Does The Deutcshe Bank give home loans to legal entities?
Yes contact Kress Zahringer in Florida. He is the only person in Deutche Bank that will give home loans
How can one get loans in Florida?
It is not very challenging to get loans in Florida. In order to get loans in Florida, visit any bank such as Chase Bank, Dollar Bank, or Citi Bank in Florida and apply for a loan.
What is the statute of limitations on private student loans in Florida?
what is the statute of limitation on private student loans in florida
Where could one get cheap payday loans in southern Florida?
There are many locations to obtain a cheap payday loan in Southern Florida. Some of these locations include South Florida Payday Loans, Florida Payday Loan and 1 Stop Title Loans.
How did mutualistas help Mexicans defend their rights?
These groups made loans and provided legal assistance
Where could a person get home equity mortgage loans in Florida?
There are many companies that offer home equity mortgage loans in Florida. Bank of America and Wells Fargo both offer this type of loans across the country, including Florida.
What is the legal age to leave your parents home in Florida?
In Florida, the legal age to leave your parents' home without their permission is 18.
Are motorhome loans recourse or non-recourse in California?
The one-action rule that makes California a non-recourse state only applies to real estate mortgage loans. While some motorhome owners reside in their vehicles and may even claim them as a residence for tax purposes, they are not real property and the loans against them are not mortgage loans. The loan you would have for a motorhome is either going to be a traditional vehicle loan or a specialty vehicle loan, and is therefore subject to the laws governing those loan types. Generally speaking a lender may pursue the borrower for any deficiency.
