5 ms·

what is a "no-resource state"?

• alex8022 10y ago
  I think he means "no recourse state." http://www.nolo.com/legal-encyclopedia/whats-the-difference-between-recourse-nonrecourse-loan.html http://www.nolo.com/legal-encyclopedia/whats-the-difference-...
• Tuna-Fish 10y ago
  Probably an autocorrect glitch. What he meant to say is no-recourse state. In some US states, when a mortgage defaults the borrower is personally responsible for the full repayment of the loan. That is, the asset is first sold and if that fails to cover all expenses, the borrower must fork over the difference. In no-recourse states, the asset turned over to the lender and even if it fails to cover the debt, the borrower gets to walk away.
• calpaterson 10y ago
  Non-recourse debt is debt for which you can't pursue the debtor beyond any collateral they originally put up as part of the deal. http://www.investopedia.com/terms/n/nonrecoursedebt.asp http://www.investopedia.com/terms/n/nonrecoursedebt.asp In California all mortgages are non-recourse debt.
• refurb 10y ago
  Typo! I meant non-recourse.
  • protomyth 10y ago
    I ended up turning off autocorrect- too many problems Searching for no-resource state brought up a huge number of programming links - sometime I worry about user customization in search and other UI elements