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How do you know if your mortgage loan is a non recourse loan or recourse loan?

In: Personal Finance, Loans, Mortgages, Money Management [Edit categories]

Answer:

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.

First answer by ID1142677443. Last edit by ID1142677443. Question popularity: 23 [recommend question].

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