Finance
In Washington, a 'non-recourse loan' means that if the borrower defaults:
AThe borrower is personally liable for any deficiency after foreclosure
BThe lender's only remedy is the collateral (property), and the borrower has no personal liability for any deficiency✓ Correct
CThe state guarantees the loan
DThe lender cannot foreclose
Explanation
A non-recourse loan limits the lender's remedy to the collateral (the property). After foreclosure, the lender cannot pursue the borrower personally for any remaining balance. Washington's Deed of Trust Act provides limited non-recourse protection after trustee's sale.
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