3 ms·
Isn't a mortgage secured on the asset itself (the house)?
by globular-toast 2y ago
Isn't a mortgage secured on the asset itself (the house)?
- rahimnathwani 2y agoIn the USA, most mortgages are non-recourse loans, i.e. if the bank forecloses and sells the property for less than the outstanding loan balance, they can't go after the borrower for the difference. In the UK, the borrower is on the hook for the full amount of the loan.