Latest mortgage rate for housing loan packages, All Mortgagers are welcomed to post...
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 May 18 2009, 10:53 AM
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#1
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Elite
15,855 posts Joined: Jan 2003 
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All,
Could someone please tell me what kind of housing loan that we have in Malaysia?? Is it a recourse loan or a non-recourse loan?? A non-recourse loan means that if you do not pay your housing loan, the BANK can ONLY take away your house. The BANK cannot go after any other of your asset. http://en.wikipedia.org/wiki/Nonrecourse_debt Thanks in advance. Dreamer |
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May 18 2009, 06:58 PM
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#2
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Elite
15,855 posts Joined: Jan 2003
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QUOTE(b00n @ May 18 2009, 11:38 AM) It's a non-recourse until the day they sue you for bankruptcy. b00n,  You cannot sue a person for bankruptcy if it is a non-recourse loan. Dreamer |
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May 19 2009, 06:28 AM
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#3
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Elite
15,855 posts Joined: Jan 2003
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QUOTE(b00n @ May 18 2009, 09:19 PM) @Dreamer b00n,Not that good with law terminology. But going by that, every loan is a recourse loan than as everyone has the opportunity to sue a person for bankrupt in the event that the debt is at the minimum of RM30k. 1) In USA, many of the housing loan is a non-recourse loan. This is WHY when the house value dropped, people just walk away from their house and you cannot sue them for bankruptcy. 2) Under USA bankruptcy law (unlike any other country), a person still get to keep his house and car. Dreamer |
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