Kansas is a recourse state. In Kansas a first mortgage lender can pursue you personally to collect any unpaid balance after sale. Just as in Missouri, second and third mortgage creditors can pursue you personally to collect any unpaid balance after sale.

Which type of foreclosure does not require the lender to file an actual lawsuit?

In a nonjudicial foreclosure, the lender (or subsequent loan owner, called an “investor”) doesn’t have to go to court to foreclose your home. So, the process typically goes more quickly than a judicial foreclosure, which is through court.

Which states are non-recourse states?

There are currently 12 non-recourse states: Alaska, Arizona, California, Connecticut, Hawaii Idaho, Minnesota, North Carolina, North Dakota, Texas, Utah, and Washington.

What makes Georgia a non judicial foreclosure state?

Georgia is a “non-judicial foreclosure” state. That means the lender can foreclose on your home without filing suit or appearing in court before a judge. The procedures for foreclosure are spelled out in the Official Code of Georgia, Sections 44-14-162 through 44-14-162.4.

Can a bank foreclose on a house in Georgia?

Foreclosures in Georgia are usually nonjudicial, which means the bank doesn’t have to go through state court to foreclose. ( Judicial foreclosures, which go through court, are also allowed. But this process is not commonly used.)

Is the state of Georgia a recourse state?

Strictly speaking, neither, because Georgia typically does not have mortgages, but home loans are generally recourse.

What happens in a non recourse loan state?

Generally, in a non-recourse state, if a lender cannot recoup its loan from the sale or seizure of the asset used for collateral, then the relevant state law will limit the lender’s ability to collect from the borrower. In a non-recourse state, if you default on your home loan, the bank can only foreclose on the home.