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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)
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
Rhode Island
South Dakota
Utah
Wyoming
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What type of debt is a mortgage?
A mortgage is a type of debt that is used to finance the purchase of a home or property.
Where is it possible to get a debt consolidation mortgage?
You can get a debt consolidation mortgage from mortgage brokers, commercial mortgage bankers, commercial banks, credit companies, online lenders, savings and loan associations.
Is mortgage considered good debt?
Mortgage debt is generally considered "good debt" because it is used to purchase an asset that typically appreciates in value over time. Additionally, mortgage interest rates are often lower than other types of debt, and the interest paid on a mortgage may be tax-deductible.
What does the term bad debt mortgage mean?
The term 'bad debt mortgage' implies that the borrower has applied for a mortgage and been accepted. However, the borrower has then defaulted on his mortgage payments and it is considered that they are unlikely to be able to repay the loan.
Is mortgage considered a good debt?
Mortgage debt is generally considered a good debt because it is used to purchase an asset that typically appreciates in value over time. Additionally, mortgage interest rates are often lower than other types of debt, making it a more favorable borrowing option.
