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A recourse state refers to a legal framework in which lenders have the right to pursue repayment from borrowers beyond the collateral secured for a loan. If a borrower defaults, the lender can seek to recover the remaining debt through the borrower's other assets or income. This contrasts with a non-recourse state, where the lender's recovery is limited only to the collateral itself. Recourse loans typically carry higher risk for borrowers, as they can face greater financial liability.
What else can I help you with?
Is Florida a non recourse loan state.?
Florida happens to be a recourse state.
Is Massachusetts a non recourse debt state?
Massachusetts is a non recourse debt state. Other non recourse debt states are Kentucky, Louisiana, Maine, Maryland, Michigan, Montana, and Mississippi.
Is NJ a non recourse mortgage state?
no
Is Minnesota a non recourse debt state?
yes
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 Alabama a non recourse state?
As of 12/20/2012 Oklahoma is a Recourse State.
Is Florida a non recourse loan state.?
Florida happens to be a recourse state.
Is Kentucky a Recourse or Non-Recourse or One Action state?
Kentucky is a recourse state, allowing the lender to seek judgments and damages from the borrower.
Is South Carolina a non-recourse state?
It appears,from everything I have read, SC is a recourse state.
Is Georgia a non recourse debt state?
"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.
Is Nevada a non recourse state?
Yes, Utah is a non recourse state. Please view the related link below.
Is Virginia a recourse state?
Yes
Is PA a non recourse state?
NO
Is Massachusetts a non recourse debt state?
Massachusetts is a non recourse debt state. Other non recourse debt states are Kentucky, Louisiana, Maine, Maryland, Michigan, Montana, and Mississippi.
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 Georgia a non recourse debt state for foreclosures?
Georgia is a recourse state. See Ga. Code Ann. § 44-14-161.
Is NJ a non recourse mortgage state?
no
