Exemption of mortgagor from personal liability is a legal term that means that the mortgagor (the borrower) is not liable for any personal debts associated with a mortgage loan or other secured loan. In other words, if the borrower defaults on the loan, the liability does not extend to them personally. There are two types of Exemption of mortgagor from personal liability: 1. Non-recourse: This is a type of loan where the borrower is not responsible for the debt if the loan is not repaid. The lender has the right to seize the property used as collateral, but cannot pursue the borrower for any other collateral. 2. Limited recourse: This type of loan limits the amount of personal liability the borrower has to a certain amount, such as the loan balance. The lender can only seize the property used as collateral, and cannot pursue the borrower for any other collateral.
Exemption of mortgagor from personal liability
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