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Recourse loan or nonrecourse ? how can I TELL WHICH i HAVE ?

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July 18 2009 - Myrtle Beach
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fyi. My loan is for a rental property, I never refinanced it. I had the loan for 1 yr. and my property is worth $130k, I owe $190k , after  rental income its a negative $1k per month its costing me. I'm not rich , make $50k per yr. , own another rental condo and do have some savings. What should I do ?  1. hang on,2. short sale or stop paying mortgage  3. sell    (I'm current on my mortgage and have excellent credit)?    I'm renting an apartment now, but will like to buy a permanet home to live in , (cheap place    Please help with advice.
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July 19 2009
Recourse may not be the right term-Deficiency Judgemnt is what you a looking for and some states are and some are not-IE-California is a nondeficency judgment state on Purchase Loans. It gets tricky after that. Was it a refi with cash out, then perhaps. The information will be in your note and documents.
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July 19 2009
Residential loan are recourse
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July 19 2009
You will need to read your mortgage note. Most mortgage notes are non-recourse. They get the property if you default. You are not obligated  for any deficiency. .... Happy funding, Rudi Hofmann
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July 19 2009
 
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