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A mortgage is a loan used to buy a home or property, where the property itself serves as collateral for the loan. In some cases, mortgages are considered recourse loans, meaning the lender can go after the borrower's other assets if they default on the loan.

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5mo ago

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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.


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