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Pop496 · Joined: 08 Mar 2010 Posts: 1 1.32 Dollars($)

We have been waiting many months for a hardship mortgage or loan modification and if it doesn't go through we probably will have to let go of our house (which has an equity loan on it also). We would not be able to get enough to cover both, or even possibly the first by a sale, as the market on Long Island NY has bottomed out (as in other states etc). Will we still be responsible for the balance on both loans? How can I find out if we have a recourse, or non recourse on these loans?

adonis · Posted: Tue Mar 09, 2010 1:45 am Post subject:

Hi Pop,

As far as I know New York State is a no recourse state wherein the lender will be able to seize the collateral only if the borrower defaults the loan. He will not be able to recover the deficient balance from the borrower. You can check out your mortgage docs. It will be mentioned whether or not your loan is a non-recourse one.

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Is NYS a non-recourse or recourse on mortgages and equity loan