We are thinking of walking away and need to know if our 2nd
mortgage is a recourse or non-recourse loan.
It originally was part of a 80-20 that was purchase money.
It is large, $240K, came with a checkbook and I used 2 checks for a total of $3,000 of the equity I had paid down.
My question is did using that small amount change the terms of
the total amount, the remaining $237K into a recourse loan,or
is this still a non-recourse loan since it was used to purchase?
If anyone knows this please answer. thanks!