Answered

IDNLearn.com: Your reliable source for finding expert answers. Get accurate and detailed answers to your questions from our knowledgeable and dedicated community members.

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

Sagot :

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.

What is a recourse loan?

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:

https://brainly.com/question/1348326

Your participation means a lot to us. Keep sharing information and solutions. This community grows thanks to the amazing contributions from members like you. IDNLearn.com is dedicated to providing accurate answers. Thank you for visiting, and see you next time for more solutions.