DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate - View Single Post - Walking away from your mortgage just got a lot scarier

**GreesyBeeva** · 10-04-2011, 10:14 PM

Be sure to check if it changes the recourse status. I think some streamlines do not. Good luck!

The guys from the banks seem clueless as to whether the loan specifies it is recourse or non-recourse. I'm thinking that perhaps it isn't a question of the loan type, but rather more of a legal question depending on state law? So certain types that perhaps don't have a cash out or are a 2nd would automatically continue to stay non-recourse, and the paperwork itself won't specify either way?

10-04-2011, 10:14 PM	#23
GreesyBeeva Join Date Oct 2005 Posts 325 Senior Member	Be sure to check if it changes the recourse status. I think some streamlines do not. Good luck! The guys from the banks seem clueless as to whether the loan specifies it is recourse or non-recourse. I'm thinking that perhaps it isn't a question of the loan type, but rather more of a legal question depending on state law? So certain types that perhaps don't have a cash out or are a 2nd would automatically continue to stay non-recourse, and the paperwork itself won't specify either way?
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