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What else can I help you with?
Is a mortgage a recourse or nonrecourse debt?
A mortgage can be either a recourse or nonrecourse debt, depending on the terms of the loan agreement. In a recourse mortgage, the lender can seek additional assets of the borrower if the property does not cover the full amount owed. In a nonrecourse mortgage, the lender's only recourse is the property itself.
Is Colorado a non-recourse state for residential property?
yes
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.
What are mortgages and are they considered recourse loans?
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.
I was arrested for trespassing. The person who had me arrested does not own the property. What is my best recourse?
A person reported you as a trespasser and the police arrested you for trespassing. Your best recourse is to contact the property owner and have them speak to the police and explain that you were permitted to be on the property and should not have been arrested. If the property owner would not have wanted you on the property, you are guilty of trespassing. If the police caught you redhanded, trespassing on the property, your best recourse is to plead no contest and be remorseful at your court appearance.
What recourse does second mortgage have in Washington State?
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.
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 my husband owns a property with his ex-wife and they share the mortgage on the property am I liable for anything if he dies or defaults on the loan?
No. If he dies and defaults on the loan the bank's recourse is to take possession of the property by foreclosure. The bank has no claim against you.
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 options are available to recover life estate property when the taxes have been defaulted on and the property is subject to sale in Wisconsin?
The only recourse is to pay the taxes or the state will take the estate and the son will get nothing.
Do you pay income taxes on rental forclosed property?
Possibly. It depends on your basis, how much depreciation you have claimed, whether the loan is recourse or non-recourse, and whether the bank is canceling the unrecovered balance of the loan. A foreclosure is treated as if you sold the property to the bank. On a recourse note, it is treated as if you sold the property for the fair market value at the time of foreclosure. On a non-recourse note, it is treated as if you sold it for the balance of the loan. (I am assuming the loan balance is more than the value of the property, otherwise you would have just sold the property and paid off the loan, right?) On a recourse note, if the bank decides not to pursue a deficiency judgment against you, then the cancelled debt (the difference between the FMV and the balance due) is taxable ordinary income (unless you meet the insolvency or bankruptcy exceptions). You'll also need to recapture depreciation, just like on an ordinary sale. Unlike a homeowner whose personal home is foreclosed upon, you will be able to claim a capital loss.
What is private property protected by?
Private property is typically protected by laws, including property rights, contracts, and legal recourse in the event of theft or damage. In many countries, individuals have the legal right to own, use, and dispose of property as they see fit within the boundaries of the law.
