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Is Alabama a Non Recourse State?
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Freddy

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Post Posted: Thu Sep 16, 2010 1:21 pm    Post subject: Is Alabama a Non Recourse State?
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I have had a non recourse loan foreclosed on a supermarket in Alabama.
I have potential tax liability for debt discharge income. The issue seems to hinge upon wheter or not Alabama is a recourse or non recourse state.
Looking online I have found the answer approximately 6 times whe equal numbers of wheter Alabama is recourse or non recourse. Which is it?
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smith.sussane




Joined: 18 Sep 2008

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Location: Alaska
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Post Posted: Thu Sep 16, 2010 8:31 pm    Post subject:
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Hi Freddy!

Welcome to forums!

As far as I know, Alabama is a non-recourse state. The lender will not be able to come after you for the deficient balance resulting from the sale of the property. He will only be able to recover the collateral.

Feel free to ask if you've further queries.

Sussane
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