Right of Recourse in Alabama
I have heard about the term "recourse" and "non-recourse" where if you return the property to the mortgagee they have no recourse against the owner. How does that actually work in the state of AL from an owners perspective? Is there a legal article(s) I could read up on?
Here is the scenario - We own the property in an LLC - payments are behind. Can't sale the property due to the economy - Bank unwilling to work with us. Can we lock it up and hand them the keys back with no recourse to us personally?
Thanks for your help.