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How can I tell if my loan is recourse or non-recourse?

August 21, 2008


From:  Rene
Date:  Fri, 16 Nov 2007

I read your article on tax consequences of foreclosures and short sales. How do you tell if your loans are recourse or non-recourse? Is it different from state to state?

Answer

Date:  27 Nov 2007

Hello Rene,

The only certain way to find out is to consult with a real estate attorney. The rules do vary from state to state. In California, most mortgages that were originated for the purchase of a principal residence are non-recourse.

Good luck!
Mike Gray

We have more answers to frequently asked real estate tax questions! We also offer up-to-date information about new tax real estate tax developments in Michael Gray, CPA's Real Estate Tax Letter.

IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained on this website was not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code.

How can I tell if my loan is recourse or non-recourse?

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