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fgiga [73]
2 years ago
6

What term best describes the borrower who is personally liable for a debt obligation related to the purchase of a home?.

Business
1 answer:
Firlakuza [10]2 years ago
7 0

It can be deduced that a situation where the borrower is personally liable for a debt obligation when buying a home is known as a recourse loan.

<h3>What is a recourse loan?</h3>

It should be noted that a recourse loan simply means a situation when the borrower is personally liable for payment of all amounts that are due under the terms of the note.

In this situation, when a property that is encumbered by a mortgage is sold for an amount that is more than the value of the mortgage, then the mortgagor will not be obligated to pay the mortgagee the balance that's remaining.

Learn more about loan on:

brainly.com/question/1348326

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