recourse loan

Definition

A loan for which an undersigner is liable for payment if the borrower defaults.

Use recourse loan in a sentence

You may want to take on a recourse loan when you have no other options than to keep on borrowing.

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The recourse loan was made with two responsible parties included on the note that have the wherewithal to pay if need be.

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When I was evaluating the idea of foreclosure, I had to look at which loans may be recourse loans because I am personally liable for that loan if it goes bad.

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recourse recourse note