Hi All ,
I am looking into an loan with freddie mac . Is it really non recourse? can they go after me for anything else? the language reads that full recourse applies for standard industry reasons.. which is vague to me . Any one have experience of when they can actually go after me personally rather than the property?
I work for CBRE, a direct Freddie Mac/Fannie Mae lender, and can answer any questions you have. Yes, it is non recourse and the only way they can go after you is if you commit fraud or lied on any of the forms you fill out during the underwriting process. It's basically anything you would go to jail for/get a severe penalty. As long as you are honest with everything, it is truly non recourse.