Recourse Note
Categories: Muni Bonds, Trusts and Estates
Debt for the truly desperate.
A recourse note allows the person making the loan to not only take the asset pledged as collateral for it, but also to go after the person who borrowed the money... personally. With baseball bats and pitch forks.
So even if you only pledged your car as collateral, they could go after your house, your jewelry, your pet pug Mort... leaving nowhere to hide when they come after you. With baseball bats and pitch forks.