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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Recourse or Non-Recourse Posted by DenisInSanDiego on May 09, 2008 at 8:35 PM In Reply to: Recourse or Non-Recourse posted by Gerry on May 08, 2008 at 10:10 AM Hello Gerry, In the state of California, when a person applies for a loan on a house that they intend to live in as their primary residence, that loan would be considered a non-recourse loan. When you apply for the loan you indicate at that time whether you are applying for an owner-occupied or a nonowner-occupied loan. After the close of escrow, if the buyers situation changes and they end up living somewhere else it is still a non-recourse loan Keep it simple. Denis Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Hello Gerry, : In the state of California, when a person applies for a loan on a house that they intend to live in as their primary residence, that loan would be considered a non-recourse loan. : When you apply for the loan you indicate at that time whether you are applying for an owner-occupied or a nonowner-occupied loan. : After the close of escrow, if the buyers situation changes and they end up living somewhere else it is still a non-recourse loan : Keep it simple. Denis [ 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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