How do I know if I can I have a recourse loan or not?

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I have a mortgage with CCO Mortgage and live in Chicago. This is a housing loan stock and credit I can to the point where I can get my credit to pay more. How do I know if the loan I have with this bank is a recourse or non-recourse loan, and if I liable if I were to close?

3 Comments
  1. Reply
    Ronnie Gilfhunter
    April 30, 2011 at 12:26 am

    It doesn’t matter if you can weasel out of it or not, if you borrowed the money you should pay it back. Otherwise responsible people have to pay your debts for you in higher interest rates and taxes.

  2. Reply
    goz1111
    April 30, 2011 at 12:59 am

    Home Equity line of credit is a recourse loan, so if you default on the property, the home equity line of credit becomes a non secured debt due and owing immediately

  3. Reply
    Landlord
    April 30, 2011 at 1:00 am

    All equity loans are full recourse. You will not be able to pocket the money after a foreclosure, you will still owe it.

    If you want to keep the banks money you will need to file bankruptcy.

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