Comparing Recourse and Non-Recourse Mortgage Loans
A mortgage loan is a loan secured by real estate through the use of a mortgage note. A recourse loan is one in which the borrower is personally liable for repayment of the loan; if they default, the lender may seek to collect from the borrower's personal assets. A non-recourse loan is one in which the borrower is not personally liable for repayment of the loan; if they default, the lender's only recourse is to foreclose on the property.
There are several key differences between recourse and non-recourse loans. The most significant difference is that with a recourse loan, the borrower is personally liable for repayment of the loan, while with a non-recourse loan, the borrower is not personally liable.
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