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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.
What else can I help you with?
Is Kansas a non recourse state?
Is Kansas a nonrecourse state? A non
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 a car loan considered recourse or non-recourse debt?
I think is non recourse debt
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 recourse debt subject to discharge in bankruptcy?
Recourse debt can be subject to discharge in bankruptcy, but it depends on the specific circumstances of the bankruptcy case and the type of recourse debt involved.
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.
If your husband is a co-applicant for a mortgage loan can you be held liable for the debt if the loan is in default?
Keyword here is "Co-applicant" ... Both of you are equally responsible and liable for the debt. If your name is not listed on the mortgage deed, then there would be little recourse in coming after you for the amount owed.
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
Are you debt free if you have a mortgage?
No. You are in debt as much as you still owe on the mortgage.
Is a home mortgage debt considered a federal debt?
No. A federal debt is a debt that is owned to the federal government. A home mortgage is a debt that is owed to the lending agency, be it a bank, a mortgage company, etc.
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.
