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What else can I help you with?
If you default on a rental property mortgage loan can the mortgage company go after your assets?
That depends on the state, and whether the financing was "non-recourse". The process you want to find out about is known as a "deficiency judgment".
Is NJ a non recourse mortgage state?
no
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 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 North Carolina a non recourse state?
North Carolina is considered as a non-recourse state. People who live here can leave their mortgage without any penalty of putting their other assets at risk.
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.
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 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?
What recourse does a second mortgage holder have when the first mortgage goes into foreclosure?
Hate to tell you, but in my state (WA), if a senior deed of trust or mortgage is foreclosed, then the inferior/junior mortgages and/or deeds of trust are foreclosed as well. That means that you have no recourse subsequent to a foreclosure. I suggest seeing an attorney immediately (see the phone book for one who gives "free consultations").
What if you default on a home equity line of credit?
A home equity line of credit is a mortgage. If you default the lender will foreclose and take possession of the property by the foreclosure procedure used in your state.
Is Alabama a non recourse state?
As of 12/20/2012 Oklahoma is a Recourse State.
What is the best thing to do with 2nd mortgage with an underwater property?
The scenario described with a property underwater--assuming from the first mortgage with additional debt piled onto that with a second mortgage would make default seem the best solution. It makes no sense to pour money into an investment that is worth less than what one paid for it. Businesses do this all the time--a location isn't working, they close their doors. It is NOT a morality based decision. There is a slim chance that there may be a government program that can help you. If your lender won't play along--I would strongly suggest default. Just be sure you do not live in a state that has recourse. If you do, chances are the lender will not come after you anyway, although they might threaten and send a lot of dunning letters. If you live in a non-recourse state the bank cannot come after your other assets. Before defaulting, consult an accountant and/or an attorney!
