What is a nonrecourse mortgage?

Answer If a borrower's home loan is foreclosed upon, they must pay the difference, if any, between the selling price of the home and the outstanding mortgage note. With a nonrecourse mortgage loan, buyers... Read More »

Top Q&A For: What is a nonrecourse mortgage

What Is Nonrecourse Debt?

Non-recourse debt is debt that is essentially collateral. It's a type of loan where the borrower puts up collateral, usually property, to secure the loan. If the borrower defaults on the loan payme... Read More »

What is a nonrecourse loan?

A nonrecourse loan will not hold you responsible for repayment under certain conditions of default. This type of loan is advantageous because it allows you to walk away from a debt you cannot repay... Read More »

What Do Mortgage Companies Charge When a Home Mortgage Is Paid Off?

Selling or refinancing a home usually involves paying off an existing mortgage. In calculating a payoff, which will satisfy and zero out the balance, all unpaid fees and interest must be included, ... Read More »

What is the difference between a mortgage and a second mortgage?

A mortgage is a home loan. There are numerous types of home loans. However, the two most often procured are first and second mortgages. Each type of mortgage has different rules and regulations.Sig... Read More »