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 »

Can i qualify for a mortgage before i sell my home&satisfy the existing mortgage?

On One Hand: The Hard WayIf your credit history and financial situation are good enough, you can qualify for a mortgage on a second property. This will work just as if you were buying a second home... Read More »

Who Do You Talk With to Get an Interest-Only Mortgage Changed to a Fixed Rate Mortgage?

Interest-only mortgages are considered to be one of the riskiest types of home loans on the market. If you have an interest-only loan, you can take the necessary steps to convert it into a fixed ra... Read More »