Nonrecourse debt forgiveness rental?
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No recourse usually means just what it says no recourse they cant sue you for more money they can only take the asset away. The fact you converted it doesn't matter what matters is it its a no recourse loan.
Maybe Calif is different but I have never heard of no recourse loans made for owner occupied dwellings lol
Generally speaking no recourse loans are made to investors that are about to take out million dollar + loans on projects they don't want to bring down the rest of there empire if that business unit goes belly up. That all said I would have to see your foreclosure papers and mortgage you signed up for to get a better idea of whats really going to happen here.
Call A good attorney and bring the mortgage and foreclosure papers when you see him. You can get clarification for less then 200 bucks is my guess.
Hope this helps
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