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Is florida a non recourse state?

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asked Aug 18, 2012 in State by anonymous
   

1 Answer

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Non-recourse loans are loans secured by collateral (usually property), but if the borrower defaults the lender can only take back the collateral. If the value of the collateral is less than the loan amount, the lender can't sue for the difference. 

Florida is NOT a non-recourse state. There are only a dozen, and they are:

  • Alaska
  • Arizona
  • California
  • Connecticut
  • Idaho
  • Minnesota
  • North Carolina
  • North Dakota
  • Oregon
  • Texas
  • Utah
  • Washington 
answered Aug 19, 2012 by SouthernGirl Inquisitive Expert (10,360 points)

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