Personal Liability
The responsibility that an individual has for a debt. Most mortgage loans on real estate are recourse (i.e., the lender can look to the property and the borrower for repayment). Contrast Nonrecourse, Exculpatory clause.
The responsibility that an individual has for a debt. Most mortgage loans on real estate are recourse (i.e., the lender can look to the property and the borrower for repayment). Contrast Nonrecourse, Exculpatory clause.