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Is a home improvement loan a recourse loan?
no. why would it be a recourse loan
What happens if a loan is sold with recourse and it goes into default?
what haapend if a loan is sold with recourse and it goes into defualt
Is Florida a non recourse loan state.?
Florida happens to be a recourse state.
Does the cosigner have legal recourse monetary damages when the primary borrower defaults on a vechicle loan?
Does the cosigner have lega recourse monetary damages when the primary borrower defaults on a vechicle loan
Is there legal recourse to get someone to repay personal loan?
Small claims court.
Is a home improvement loan a recourse loan?
no. why would it be a recourse loan
What happens if a loan is sold with recourse and it goes into default?
what haapend if a loan is sold with recourse and it goes into defualt
Is a car loan considered recourse or non-recourse debt?
I think is non recourse debt
Is Florida a non recourse loan state.?
Florida happens to be a recourse state.
What is recourse funding?
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.
Does the cosigner have legal recourse monetary damages when the primary borrower defaults on a vechicle loan?
Does the cosigner have lega recourse monetary damages when the primary borrower defaults on a vechicle loan
Is there legal recourse to get someone to repay personal loan?
Small claims court.
What are the rights to private lenders who are investors which hold second mortgages?
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.
What legal recourse is there for the cosigner when the person that was cosigned for has defaulted on the loan?
The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.
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.
What recourse do you have if your car is repossessed for late payments on a separate unsecured personal loan made years later by the same institution?
READ both loan contracts. IF they have a term "CROSS_COLLATERALIZATION" in them, debtor has no recourse. This can only happen if the contract has that clause in it and does happen when you have multiple loans at with one lender.
If a co-signer pays off a loan that the primary party is behind on is there recourse to recover the money?
What would you have recourse for? IF you pay off the car, you should get the car. You would only be paying for use that you will get.
