[quote=briansd1]Did you get a new loan drawn up? Was the old loan paid off?
How was the transaction/modification recorded?
That would help tell if the loan is recourse or not…. But either way, the above applies.
If it’s still the same purchase money loan, then it’s a non-recourse loan.[/quote]
Its still debatable, but there is a line of re legal thought right now that states that a mod makes it into a new loan and therefore recourse.
Not my opinion but expect this to be exploited in the near future.
