LA_R – I don’t think that freezing the interest rate or in some other way modifying an existing purchase money loan would automatically change the characterization of the loan from non-recourse to recourse. I don’think this issue has been tested in the courts yet, and it very well may be down the road by some lenders who have modified purchase money loans. Nevertheless, my feeling is that a court would determine that modifications to a purchase money loan does not equate to a “re-finance” per se, and therefore the loan would remain non-recourse. Certainly anyone who agrees to a modification would want to pay close attention to any mod agreement they may be required to sign to determine if there is any language regarding recourse.