Is A Mortgage Non-Recourse?

Hello All,



Is a mortgage loan considered a recourse or non-recourse loan and what is the difference between the two?



Thanks.

JS

Comments(6)

  • jimandlacy15th July, 2008

    Since you can be sued for the deficiency when defaulting on a mortgage, I would say it is a recourse.
    Jim

  • TheShortSalePro15th July, 2008

    What about an acquisition mortgage loan made in California for a primary residence?

  • smithj216th July, 2008

    Any ideas?

    Thanks,
    JS.

  • boardwalk120110th June, 2008

    CJ
    Long time since I have been here. Been busy with notes I own, and look to own.
    75% ltv derived now or then?
    First lets define performing
    Is it performing from day 1 with a clear history?( 2 mos - 2 yrs)
    Has it been non performing for first 2 yrs and now payments starting again for last 2 months?
    Is there equity in the property?
    Is there life in the note? ie 10 yr note originated :Sept 99?
    Lots of variables here which affect value.
    As always I enjoy your input
    Mike R
    new email is **Please See My Profile**

  • cjmazur11th June, 2008

    Quote:
    On 2008-06-10 22:20, boardwalk1201 wrote:
    CJ
    Long time since I have been here. Been busy with notes I own, and look to own.
    75% ltv derived now or then?

    now based on discount

    First lets define performing
    Is it performing from day 1 with a clear history?( 2 mos - 2 yrs)

    correct

    Is there equity in the property?

    Yes. Am I missing your terminology? a 75% LTV, would indicate 25% equity correct?

    Is there life in the note? ie 10 yr note originated :Sept 99?

    most originated in last 2 yrs, most 30 amort due in 10

  • faulky21st July, 2008

    There is a lot that goes into pricing a note. What is the credit? What is the equity? How is the payment history and how much down did the buyer pay? What area of the country is the property in and what is going on with values in the area? What are my rights as a buyer according to the loan and sale documentation? Not all loans are created equal. There is so much paper on the market right now with all of these banks going belly up and having to sell that we can pick and choose what we buy where as we were having a hard time finding quality notes 2 years ago!
    [addsig]

Add Comment

Login To Comment