4 ms·
1) Sure, always a risk. 3) > Home mortgages—though generally recourse—are non-recourse in 12 states: Alaska, Arizona, California, Connecticut, Idaho, Minnesot
by brianwawok 5y ago
1) Sure, always a risk.
3)
> Home mortgages—though generally recourse—are non-recourse in 12 states: Alaska, Arizona, California, Connecticut, Idaho, Minnesota, North Carolina, North Dakota, Oregon, Texas, Utah and Washington. If a homeowner defaults in one of these states, the lender can foreclose on the collateralized home but cannot go after the borrower’s other assets.
Generally taking a credit hit for a few 100k is a fine trade off. You can even buy a new house right before you walk away from your old house..