Posted on: 27th Sep, 2010 06:30 pm
We own a home in Idaho and due to a layoff had to move to Wisconsin for a job.
We are faced with a mortgage for far more than the home in Idaho is worth and are considering several options.
One of our concerns is whether the non-recourse is based on the state the property is in, where we live or where the lender is based.
Appreciate your help!
We are faced with a mortgage for far more than the home in Idaho is worth and are considering several options.
One of our concerns is whether the non-recourse is based on the state the property is in, where we live or where the lender is based.
Appreciate your help!
Hi gemsofidaho!
Welcome to forums!
Your loan may or may not be considered as a non-recourse one depending upon the state where the property is located. If Idaho is a non-recourse state, then the lender will not be able to come after you for the balance amount resulting from the property sale.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your loan may or may not be considered as a non-recourse one depending upon the state where the property is located. If Idaho is a non-recourse state, then the lender will not be able to come after you for the balance amount resulting from the property sale.
Feel free to ask if you've further queries.
Sussane
Hi gemsofidaho,
Welcome to mortgage fit,
Here is the list of all non-recourse states
Alaska , Arizona , Arkansas, California, Colorado, District of Columbia (Washington DC), Georgia, Hawaii, Idaho, Mississippi, Missouri,
Montana (if non-judicial foreclosure is used)
Nevada - (lender can get a deficiency judgment)
New Hampshire
Oregon
Tennessee
Texas (lender can get a deficiency judgment)
Virginia
Washington
West Virginia
As idaho is coming under the non-recourse states so your lender won't come after you......
Feel free to ask any further query if you have............
DIPA
Welcome to mortgage fit,
Here is the list of all non-recourse states
Alaska , Arizona , Arkansas, California, Colorado, District of Columbia (Washington DC), Georgia, Hawaii, Idaho, Mississippi, Missouri,
Montana (if non-judicial foreclosure is used)
Nevada - (lender can get a deficiency judgment)
New Hampshire
Oregon
Tennessee
Texas (lender can get a deficiency judgment)
Virginia
Washington
West Virginia
As idaho is coming under the non-recourse states so your lender won't come after you......
Feel free to ask any further query if you have............
DIPA