Mini Bio (1). Ron Reagan was born on May 20, 1958 in Los Angeles, California, USA as Ronald Prescott Reagan. He is an actor, known for Post No Bills (1991), Hollywood Commandos (1997) and Front Page (1993). He was previously married to Doria Palmieri.
The Definition of Recourse and Non-Recourse. First of all, what do the terms recourse and non-recourse mean? The definition of a recourse loan is a loan where the borrower or guarantors are personally liable for repaying any outstanding balance on the loan, in addition to the collateral itself.
A recourse loan is a loan which allows the lender to take action above and beyond repossessing the home (through the foreclosure process) to recover the mortgage debt. In other words, the lender has recourse to the borrowerâs assets other than the house securing the mortgage. If the lender is unable to satisfy the balance of the loan by foreclosing on and selling the home, it can sue the borrower to recover that balance, which is called the deficiency.