Most mortgages are nonrecouse, or use?
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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?
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.