How can I find out if my current loan is a "Non-Recourse" or a "Recourse" loan?
I did Refi after 8 months from original purchase to get my tax impounds rolled into my monthly payments, and I did take about $4k of equity out of the house to payoff another signature loan. I looked at my "Note" and did see that I could be liable for lawyers fee's if the lender has to go through foreclosure process. However didn't really see if I would be liable for the difference from overall loan amount to what they'll be able to sale it for during the Sheriff's Auction. I know that I will get a 1099-C according to the customer service department with my lender on any route I go; "Short Sale", "Deed in Lieu", and "Foreclosure". What is the likely-hood that they lenders would persue me further for repayment of the difference if it is beyond 80K.
I see you submitted your question back in September, so this may be after the fact, but is this your primary residence?
Very likley. You will get a 1099 unless Uncle Sam does something.
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Fair Housing and Equal Opportunity