Golnesa has a nonrecourse loan financed by her bank. This means the Borrower must recognize...
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Golnesa has a nonrecourse loan financed by her bank. This means the Borrower must recognize ordinary income from the cancellation of debt. Borrower will not recognize gain or loss on the disposition of the property. Lender has no right to seek payment from the borrower for any debt in excess of collateral. Lender may not foreclose or repossess the property that secures the debt. Mark for follow up
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