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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.

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