A Recourse Loan is a type of loan that is backed by collateral from the borrower if a borrower fails to pay the liability and the value of the underlying asset is not enough to cover it. If the lender is unable to satisfy the balance of the loan by foreclosing on the borrower to recover that balance (called the deficiency), the lender can take the borrower’s wages or levying the borrower’s bank accounts.
Recourse Loan
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