Most mortgages are nonrecouse, or use?

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How do you find this type of loan you?

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2 Comments
  1. Reply
    Tlynn
    April 29, 2011 at 11:01 pm

    Mortgage loans are not typically referred to as being ‘recourse’ or ‘nonrecourse’ loans…. could you explain a bit more what it is that you need to find out?

  2. Reply
    MLaw
    April 29, 2011 at 11:09 pm

    A Non-recourse loan contains express language in the mortgage that the lender will not seek a personal judgment against the mortgagor but will rely entirely upon the security to satisfy payment.

    They are almost unheard of in third party residential loans. [Tho’ certain VA & FHA loans were effectively similar] They exist pretty much exclusively in commercial lending & I haven’t seen one since I got out of representing developers some 25 years ago.

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