Nov 21, 2018
What are Recourse Loans?
Recourse Loans and the HUD 223(f) Loan Program If a loan is recourse and the borrower defaults (fails to repay the loan), the lender can seize both the collateral used to secure the loan and the borrower’s assets which are not used as collateral. Depending on how a loan is structured, this sometime
Nov 20, 2018
What are Non-Recourse Loans?
Non-recourse loans are typically loans secured by collateral (often real estate). However, if a borrower defaults, they cannot be held personally liable and lenders may not seize their personal property or garnish wages. Instead, the lender must accept a certain amount of loss.