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Is credit card debt considered recourse or non-recourse debt?
It is considered a Recourse loan as the account holder are still responsible for any outstanding balance when the account is closed which has not been challenged for unauthorized use and such. However, the account holder is only liable for the balance as long as the Statute of Limitations (Which varies by region (In the US, from 3-15 years by state from last non-institutional transaction)) remains in effect.
Is a home improvement loan a recourse loan?
no. why would it be a recourse loan
If you had a car loan that included a 4000 credit card debt and the car was repossessed and there is a 13000 deficiency do you have to pay the full amount or do you have any recourse?
Yes, you still own the debt.
What recourse does lender have after a repossed vehicle is sold and there is still not enough money to satisfy loan?
did you mean resource? The lender has authorization called lean to hold your property after a loan debt.
What are the rights to private lenders who are investors which hold second mortgages?
In California, a second loan can be recourse or non-recourse, depending on if it were originated as a cash out second or a second based on a purchase money loan. The cash out scenario (recourse) lender has the option to foreclose on the property and pay off the first lender. Not often done. If the first lender forecloses then in California the recourse (second) lender (in a cash out transaction of course) can turn that loan into a personal debt or collection.
What happens if a loan is sold with recourse and it goes into default?
what haapend if a loan is sold with recourse and it goes into defualt
If your husband is a co-applicant for a mortgage loan can you be held liable for the debt if the loan is in default?
Keyword here is "Co-applicant" ... Both of you are equally responsible and liable for the debt. If your name is not listed on the mortgage deed, then there would be little recourse in coming after you for the amount owed.
If you cosigned for your husband's car loan and the car was repossessed do you have any recourse if you are divorced and a judgment was filed on both of you and you were unaware of it and never served?
You have very little recourse. As a co-signer, you are just as legally obligated to the debt whether you knew it existed or not. As a co-signer, it is incumbent on you to be aware of the status of the loan.
What is an unsecured bad debt loan?
An unsecured loan would be one where the lender is relying on the borrower's promise that the loan will be paid back. There is no collateral involved and that is risky. Bad debt would be considered consumer debt or one that cannot be recovered.
Is Florida a non recourse loan state.?
Florida happens to be a recourse state.
What is the definition of the term debt capital?
Debt capital is the money a business receives when it takes out a loan. The holders of the loan do not become share holders of the company; they are considered to be creditors.
What is recourse funding?
Recourse funding is a type of loan for which collateral is placed. The difference between recourse and non-recourse funding is that in recourse funding, if the collateral sells for less than the amount left on the loan, the lender can go after other assets. In non-recourse funding, the lender would have to absorb the loss.
