Comparing Recourse and Non-Recourse Mortgage Loans

Deciding between a recourse and non-recourse mortgage loan is an important and sometimes difficult decision. Both types of loans have their own unique benefits, but it's important to understand the differences in order to choose the loan that best fits your needs.

A recourse mortgage loan allows lenders to pursue additional payment from borrowers if they default on their payments. This means that borrowers are held personally liable for any remaining balance after foreclosure proceedings. On the other hand, non-recourse mortgage loans limit lender’s ability to collect unpaid debts from borrowers. They are secured by specific collateral, such as real estate or other assets, which can be seized in case of default repayment.

Choosing between a recourse and non-recourse mortgage loan depends on individual circumstances and preferences. It is important for potential borrowers to carefully consider all available options before making the final decision.

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