In New Jersey, is a second mortgage, purchase money HELOC a recourse loan?

Question

In New Jersey, is a second mortgage, purchase money HELOC a recourse loan?

Answer 1

The vast majority of HELOCs are recourse loans because they are secured by real estate.  Read your paperwork.

Answer 2

well, I am not exactly sure what you mean by a recourse loan. But I think you are talking about the recourse clause in a HELOC where you need to complete certain types of work to access the full funds from the HELOC. I.E. construction loans that are HELOC terms. HELOC terms are standard revolving credit, like a credit card with no fixed payback schedule