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You can, in most states a mortgage is a non-recourse loan, meaning that the bank cannot come after your other assets if you default. He owns the company that h
by zamfi 4y ago
You can, in most states a mortgage is a non-recourse loan, meaning that the bank cannot come after your other assets if you default.
He owns the company that has loans, but the company has the loans -- not him, he hasn't personally guaranteed them. Company folds, creditors have no recourse (generally).
- lotsofpulp 4y agoHome mortgage (for first house) is only somewhat non recourse in 12 states, and even then, some of those do not let you just walk away (like Washington): https://www.financialsamurai.com/non-recourse-states-walk-away-from-mortgage/ https://www.financialsamurai.com/non-recourse-states-walk-aw... https://www.cga.ct.gov/2010/rpt/2010-R-0327.htm https://www.cga.ct.gov/2010/rpt/2010-R-0327.htm >It is difficult to classify states as strictly recourse or non-recourse. Almost all states allow deficiency judgments under certain conditions, for certain types of property or foreclosure proceedings. However, many states restrict not only the conditions under which deficiency judgments are allowed but the maximum recovery for the creditors. >he hasn't personally guaranteed them. Source? I imagine the terms of the loans for the Twitter purchase are not publicly available.
- zamfi 4y ago> > he hasn't personally guaranteed them. > Source? I imagine the terms of the loans for the Twitter purchase are not publicly available. We can't know this, I suppose -- but it's quite uncommon from my understanding.