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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Commercial Paper Term Posted by Tom on May 08, 2008 at 4:41 PM In Reply to: Re: Recourse (NT) posted by Gerry on May 08, 2008 at 11:16 AM NT = no transmission Everything is recourse unless the law provides otherwise (not the case in your fiance's situation), or it specifically states on/in the note. Non-recourse is commercial paper term and mostly used in the secondary market and I've never seen it used in mortgage notes when originated. Some states don't allow deficiencies to be pursued where the home is homesteaded and it's a money purchase loan. Second homes & rental properties wouldn't qualify. A dealer may sell their commercial paper w or w/o recourse (against them) depending what the market is and what they have to do to sell their paper. Most is probably sold non-recourse. As an extra precaution I've sold mortgage notes in the secondary market where we've specifically stamped within the assignment on the back of the note that it is non-recourse against the seller. However, the buyer of the note would still have full recourse against the maker/borrower. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : NT = no transmission : Everything is recourse unless the law provides otherwise (not the case in your fiance's situation), or it specifically states on/in the note. Non-recourse is commercial paper term and mostly used in the secondary market and I've never seen it used in mortgage notes when originated. Some states don't allow deficiencies to be pursued where the home is homesteaded and it's a money purchase loan. Second homes & rental properties wouldn't qualify. : A dealer may sell their commercial paper w or w/o recourse (against them) depending what the market is and what they have to do to sell their paper. Most is probably sold non-recourse. As an extra precaution I've sold mortgage notes in the secondary market where we've specifically stamped within the assignment on the back of the note that it is non-recourse against the seller. However, the buyer of the note would still have full recourse against the maker/borrower. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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