A mortgage that carries no personal liability for the borrower; the lender may take the property pledged as collateral for the loan, but have no recourse to other assets of the borrower. Also called a nonrecourse loan.
Related information about dry mortgage:
- dry mortgage - Financial Dictionary - The Free Dictionary
A nonrecourse mortgage, in which the lender looks solely to the property for recovery in the event of default and has no rights to sue the borrower for a deficiency ...
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Definition of DRY MORTGAGE: One which creates a lien on land for the payment of money, but does not impose any personal liability upon the mortgagor ...
- What is dry mortgage? definition and meaning
Definition of dry mortgage: A mortgage that carries no personal liability for the borrower; the lender may take the property pledged as collateral for the loan, but ...
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- Dry Mortgage Law & Legal Definition
Dry Mortgage is a mortgage that creates a lien on property. However, it does not impose on the mortgagor any personal liability for any amount.
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