dry mortgage

dry mortgage

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 judgment if the property is worth less than the loan balance at the time of foreclosure.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.