This is one in a series of blog entries dedicated to Short Sales and the
Short Sale process from the homeowner's perspective.
Many home owners ask, "What is the difference between a RECOURSE and
NON-RECOURSE mortgage loan?". This is not only an excellent question, it is more
pertinent now than it ever has been.
A "Recourse Loan" is one in which the lien holders have the legal right to
pursue a borrower for any deficiency that may have arose from the sale of the
asset (home). This can be extremely detrimental to one who may have a
recourse loan, as the lienholder may pursue other assets to satisfy the debt.
A "Non-Recourse Loan" is one in which the lien holders do not have the legal
right to pursue a deficiency that may arise from the sale of a collateral asset.
In California, this typically pertains to first trust loans.
I am an experienced Real Estate Agent who regularly assists sellers in Corona
& Riverside, California. I can also help in other surrounding cities (Mira Loma,
Norco, Lake Elsinore, Wildomar, Chino Hills, etc.). If you
own in Riverside or Corona, please give me a call. Please note: I am
not a tax specialist or attorney and do not claim the above to be absolutely
factual. Please verify any information PRIOR to acting on the above blog
information.
Cameron Novak
Corona Real Estate
Agents
The Homefinding CenterTM
Corona, California
951-212-7479
;)
;)
