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Non-Recourse Loan

Non-Recourse Loan

A non-recourse loan is a loan where the creditor's ability to collect on a defaulted loan is restricted to any assets used to secure the loan. With a non-recourse loan, if the lender forecloses, then it cannot get a deficiency judgment and attempt to collect it from the borrower. Whether a loan is recourse or non-recourse depends on the state you reside in and the specific terms of the loan.

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