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Kaydee
LIF Infant
Member since 5/05 102 total posts
Name:
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dry mortgage
Does anyone know exactly what this is?
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Posted 6/4/05 10:35 PM  |
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MrsERod
Praying for Everyone.
Member since 5/05 26170 total posts
Name:
MrsERod™®
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Re: dry mortgage
that's what we have....
dry mortgage = your pockets are left high and dry with only LINT in 'em!!!!!!!
 
sorry...couldn;t resist...just have to laugh tonight!!!
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| Posted 6/4/05 11:04 PM |
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nowanjgirl
LIF Infant
Member since 6/05 143 total posts
Name:
Marlow
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Re: dry mortgage
Q: Have you ever heard of something called a "dry mortgage"?
A: Sure. "Dry mortgage" is an alternative term for a nonrecourse loan. If you have a nonrecourse mortgage and fail to make the payments, the lender can take over the home you pledged as collateral, but cannot take legal action to seize any of your other assets. You'd lose the house, but the lender couldn't bleed you dry by forcing you to drain your bank account if the subsequent foreclosure sale didn't generate enough cash to pay off the outstanding balance of the loan.
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| Posted 6/6/05 8:29 AM |
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