Real Estate

Is California a non recourse debt state?


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2009-11-30 00:05:51
2009-11-30 00:05:51

California is a non recourse state for your first mortgage. Be aware any form of second mortgage you will still be liable for.

You may also be liable on the first mortgage if you have refinanced your original purchase mortgage.

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Related Questions

"Is Georgia a non recourse debt state?" Since Florida is not a recourse state, and Florida adopted its laws from Georgia, Georgia must not be a recourse state.

Massachusetts is a non recourse debt state. Other non recourse debt states are Kentucky, Louisiana, Maine, Maryland, Michigan, Montana, and Mississippi.

Georgia is a recourse state. See Ga. Code Ann. § 44-14-161.

Florida happens to be a recourse state.

As of 12/20/2012 Oklahoma is a Recourse State.

Alabama is a Recourse State. Banks can sue for the difference.

Yes, Utah is a non recourse state. Please view the related link below.

Is Kansas a nonrecourse state? A non

no....... the lender can go after you for up till 2 yrs after they sell the property.

No... Illinois is a recourse state.... They can come after you for a deficiency judgment.

Yes, Maine is considered to be a non-recourse state for mortgage default. A non- recourse means that if you default on paying your mortgage, the government can take your home from you.

It appears,from everything I have read, SC is a recourse 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.

Kentucky is a recourse state, allowing the lender to seek judgments and damages from the borrower.

It is considered a Recourse loan as the account holder are still responsible for any outstanding balance when the account is closed which has not been challenged for unauthorized use and such. However, the account holder is only liable for the balance as long as the Statute of Limitations (Which varies by region (In the US, from 3-15 years by state from last non-institutional transaction)) remains in effect.

In California, a second loan can be recourse or non-recourse, depending on if it were originated as a cash out second or a second based on a purchase money loan. The cash out scenario (recourse) lender has the option to foreclose on the property and pay off the first lender. Not often done. If the first lender forecloses then in California the recourse (second) lender (in a cash out transaction of course) can turn that loan into a personal debt or collection.

North Carolina is considered as a non-recourse state. People who live here can leave their mortgage without any penalty of putting their other assets at risk.

watch jersey shore to find out :)

No it is not. Kentucky has not been a non-recourse state for the last fifty years or so. Didn't start out that way however they just changed positions in the last 50 to 60 years.

I believe Tennessee is still part of the interstate compact.

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?

Non-recourse states cannot pursue you for their financial losses. Alaska Arizona Arkansas California Colorado District of Columbia (Washington DC) Georgia [THIS IS INCORRECT. GEORGIA IS A RECOURSE STATE] Hawaii Idaho Mississippi Missouri Montana (if non-judicial foreclosure is used) Nevada - (lender can get a deficiency judgment) New Hampshire Oregon Tennessee Texas (lender can get a deficiency judgment) Virginia Washington West Virginia The following states allow non-judicial foreclosure: Georgia [Georgia allows non-judicial foreclosures] Michigan Minnesota North Carolina Rhode Island South Dakota Utah Wyoming

If the deficiency is forgiven by the lender, is it still subject to federal and state tax? The mortgage preforeclosure short sale closing date was in 2005.

Recourse funding is a type of loan for which collateral is placed. The difference between recourse and non-recourse funding is that in recourse funding, if the collateral sells for less than the amount left on the loan, the lender can go after other assets. In non-recourse funding, the lender would have to absorb the loss.

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