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Are home loans in Oklahoma Recouse or Non Recourse loans? And where can I find information about this?

Mr. Bethel - 2010-03-21 12:10:52 - Renting Real Estate

I need to figure out if a couple of home loans in Oklahoma are recourse or non recourse loans. I tried researching online and am having a hard time finding any laws or regulations regarding this. I need to know where to look this up to find an official answer.

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Answers:

OK is a recourse state. Even if they were a non-recourse state, the non-recourse protection ONLY applies to the first mortgage of your primary residence. Investment homes and multiple residences do not have that protection. So either way, you would not be protected on these loans.....since you indicated that you have more than one. A 3 second web search can verify that OK is a recourse state.