3Case
2008-10-12 16:18:07
“…a first mortgage is non-recourse to the borrower.”
WRONG. However, the collectability of any deficiency judgment (the judgment against the borrower[s] after net value of the real property has been deducted from the total debt owed) is very suspect. The deficiency judgments will enter and then be sold at a discount to companies that will chase the debtors into bankruptcy. How that will work with mortgages to illegals, I don’t know.








