If someone has 80/20 mortgage loan, the home is now foreclosed?

By pcgumban | November 15, 2009
Missy L asked:


what happens to the 20% loan? What kind of loan would it be considered? Recourse or Non-Recourse?

Roosevelt
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One Comment

  1. Rex
    Posted November 18, 2009 at 5:38 pm | Permalink

    It would be full recourse, in every state. The borrower still owes that money. The 80% may or not be recourse, depending on several factors, including state.