Alex What is the meaning of no recourse?
No recourse means that the person cannot obtain a judgment against, or reimbursement from, a defaulting or opposing party.
What is considered recourse debt?
A recourse debt holds the borrower personally liable. In general, recourse debt (loans) allows lenders to collect what is owed for the debt even after they’ve taken collateral (home, credit cards). Lenders have the right to garnish wages or levy accounts in order to collect what is owed.
When to use ” no recourse ” in a sentence?
At any time, a master could confiscate any money that a slave had saved up, and the slave had no legal recourse. If you violate the country’s camera use rules, they may confiscate your equipment and we have absolutely no recourse.
What happens if you turn over your house in a non recourse state?
$300,000 of your mortgage is now unsecured ($700K mortgage balance – $400K value of property), which means your house is now an under-secured debt. Because you live in a non-recourse state, if you turn over the collateral (your house), your lender cannot collect on the $500,000 unsecured debt.
What are the benefits of non-recourse States?
Washington If you so happen to own property in one of these states, and have substantial assets elsewhere, you can legally hand over the keys to the bank and exonerate yourself from the mortgage with no penalty against your other assets! The Benefit Of Non-Recourse States
Is there a right of recourseagainst to the police?
There is a right of recourseagainst any other person liable under the Protocol, or under a contract, or under the law of the competent court. Though most victims remain silent, even those who turn to police find no recourse. Angry, powerless people turned to communal social violence when they felt there was no legal recourseavailable to them.
What is the meaning of the phrase ” Just wondering “?
(informal) Used to qualify a question or action, explaining it as modivated by curiosity. From the phrase I was — or we were — just wondering. I’m just wondering what is causing this.
Washington If you so happen to own property in one of these states, and have substantial assets elsewhere, you can legally hand over the keys to the bank and exonerate yourself from the mortgage with no penalty against your other assets! The Benefit Of Non-Recourse States
$300,000 of your mortgage is now unsecured ($700K mortgage balance – $400K value of property), which means your house is now an under-secured debt. Because you live in a non-recourse state, if you turn over the collateral (your house), your lender cannot collect on the $500,000 unsecured debt.
What happens if you walk away from a non recourse mortgage?
Because you live in a non-recourse state, if you turn over the collateral (your house), your lender cannot collect on the $500,000 unsecured debt. The lender assumed this risk when they approved your mortgage application, and you can walk away with your $1 million in cash and live happily ever after.