0
I've heard if the 2nd was used to buy the property initially then there is no recourse. If the 2nd is a line of credit taken later after the initial purchase the lender can sue you for the money.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Is California a non recourse debt state?
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.
Is NJ a non recourse mortgage state?
no
What recourse does a second mortgage holder have when the first mortgage goes into foreclosure?
Hate to tell you, but in my state (WA), if a senior deed of trust or mortgage is foreclosed, then the inferior/junior mortgages and/or deeds of trust are foreclosed as well. That means that you have no recourse subsequent to a foreclosure. I suggest seeing an attorney immediately (see the phone book for one who gives "free consultations").
Is North Carolina a non recourse state?
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.
Is Ohio a non-recourse state for mortgage debt?
no....... the lender can go after you for up till 2 yrs after they sell the property.
Is California a non recourse debt state?
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.
Is Maine a non recourse state for mortgage default?
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.
Is NJ a non recourse mortgage state?
no
What recourse does a second mortgage holder have when the first mortgage goes into foreclosure?
Hate to tell you, but in my state (WA), if a senior deed of trust or mortgage is foreclosed, then the inferior/junior mortgages and/or deeds of trust are foreclosed as well. That means that you have no recourse subsequent to a foreclosure. I suggest seeing an attorney immediately (see the phone book for one who gives "free consultations").
Is North Carolina a non recourse state?
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.
Is Ohio a non-recourse state for mortgage debt?
no....... the lender can go after you for up till 2 yrs after they sell the property.
If you default on a rental property mortgage loan can the mortgage company go after your assets?
That depends on the state, and whether the financing was "non-recourse". The process you want to find out about is known as a "deficiency judgment".
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 Georgia a non recourse debt state?
Yes, Georgia is a non-recourse debt state. This means that in the case of a foreclosure, the lender cannot pursue the borrower for any deficiency balance remaining after the sale of the property.
After foreclosure on a first mortgage is the next buyer of the property liable for the second mortgage?
In almost every state, the answer is "NO".
Is Alabama a non recourse state?
As of 12/20/2012 Oklahoma is a Recourse State.
How can someone get a second mortgage in Canada?
You can get a second mortgage in Canada by applying to a bank such as State Farm. There will be conditions on the total loan to value ratio and also one your ability to repay the mortgage.
