Here is a list of states with non-recourse legislation, making it difficult for lenders to pursue borrowers who default for anything other than the house.
This link actually came from talking about how wealthy home-owners are trying to scam the system and get their mortgage principals reduced.
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making it easy to walk away: a list of non-recourse states
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making it easy to walk away: a list of non-recourse states
by sniglet » Thu Mar 20, 2008 4:28 am
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Re: making it easy to walk away: a list of non-recourse states
by rose-colored-coolaid » Thu Mar 20, 2008 7:28 am
Wahoo! We made the list.
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Re: making it easy to walk away: a list of non-recourse states
by perfectfire » Thu Mar 20, 2008 1:37 pm
Be careful, .
Remember, if you rent it's not a home, it's a hovel.
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Re: making it easy to walk away: a list of non-recourse states
by laxtosnoco » Sat Mar 22, 2008 11:41 am
People also have to understand that not every home loan would be non-recourse. Generally this would only apply to first mortgages that are purchase loans. So if you've refinanced or if you have a second mortgage, being in a 'non-recourse' state doesn't protect you from a deficiency judgment.
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