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?
Massachusetts is a non recourse debt state. Other non recourse debt states are Kentucky, Louisiana, Maine, Maryland, Michigan, Montana, and Mississippi.
no
yes
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".
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?
Yes, Georgia is a non-recourse debt state. This means that in the case of a foreclosure, the lender cannot pursue the borrower for any deficiency balance remaining after the sale of the property.
I think is non recourse debt
No, Florida is not 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.
Recourse funding is a type of loan for which collateral is placed. The difference between recourse and non-recourse funding is that in recourse funding, if the collateral sells for less than the amount left on the loan, the lender can go after other assets. In non-recourse funding, the lender would have to absorb the loss.
Yes, Utah is a non recourse state. Please view the related link below.
Massachusetts is a non recourse debt state. Other non recourse debt states are Kentucky, Louisiana, Maine, Maryland, Michigan, Montana, and Mississippi.
As of 12/20/2012 Oklahoma is a Recourse State.
Is Kansas a nonrecourse state? A non
NO
It appears,from everything I have read, SC is a recourse state.
Yes, Maine is considered to be a non-recourse state for mortgage default. A non- recourse means that if you default on paying your mortgage, the government can take your home from you.