This little fact is a huge surprise. I have been spending a significant amount of time on the phone with banks, borrowers, equity partners, suppliers, contractors, trustees and even widows and pastors about the current state of lending as it applies to individuals.
I just found out that Arizona and California are non-recourse states when it comes to mortgages on your personal homes. What this means is if you have a mortgage on your personal home and you either default or do a short sale the bank cannot come after you for the difference of what the house sold for and what you owe. Wow!! What is next?
and does it surprise us to know that these two states are near the top of list for foreclosures?
Kelly, I thought the same point and was hoping someone else would point it out. Although I do not know how accurate it is, but my source told me all states west of the roccies are non recourcse