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is a purchase money loan non recourse

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waynerchs Joined: 16 Jun 2008 Posts: 1 1.28 Dollars($)	Posted: Mon Jun 16, 2008 4:32 pm    Post subject: is a purchase money loan non recourse Like 0 Dislike 0 I've read in California that purchase money loans for primary residence is non recourse. Meaning the lender can foreclose and not pursue any deficiency judgements. Is that the case in florida?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Mon Jun 16, 2008 8:35 pm    Post subject: Like 0 Dislike 0 Welcome Waynerchs, You're right that in California purchase loans are non-recourse meaning you won't be asked for deficiency payment if your home is foreclosed and the sale price isn't enough to cover the loan balance. But in Florida, it's the opposite. Here you'll be asked to pay the deficiency if required. _________________ Procrastination is the enemy of your financial success
larry Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)	Posted: Tue Jun 17, 2008 1:59 am    Post subject: Like 0 Dislike 0 Hi Waynerchs, Welcome to the forum. I agree with Adonis that Florida is a not a non-recourse state. That means Florida law approves the lender to pursue for deficiency judgments. But I would suggest you to read through the mortgage documents carefully to check the terms and conditions. If the loan is non-recourse, then the lender may not come after you for the deficiency judgment. Hope that helps and keep us posted. Best of luck, Larry

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