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 state is one that allows mortgagers to pursue additional legal action in the event of a mortgage default situation. In addition to the normal foreclosure process associated with a mortgage default, the mortgagor may be able to pursue additional action in order to recover damages from the plaintiff. In contrast, a non-recourse state prohibits mortgagors from suing the person on top of the foreclosure process. Public policy indicates that many feel that the foreclosure process is already severe for the debtor, and allowing additional damages may sometimes create unnecessary hardships.