Posted on: 07th Apr, 2009 11:25 am
simply am I responsible if the property sells for less then the loan outstanding due to bad economy
Hi Guest,
If it is a recourse mortgage that you have taken against the commercial property, the lender will have the right to sue you for the deficient amount and obtain a judgment against you. If it is a non-recourse one, you cannot be held responsible if the property sells for less than what you owe.
If it is a recourse mortgage that you have taken against the commercial property, the lender will have the right to sue you for the deficient amount and obtain a judgment against you. If it is a non-recourse one, you cannot be held responsible if the property sells for less than what you owe.