How do I Know if loan is a non-recourse loan?

Hi everyone,

I am new to these posts and hope I am not repeating an old post!
Here is my dilemma:

Myself and my partner took out a commercial property loan with bank in our personal names ( not a company) in the good old days!
Anyhow to cut a long story short ,we are in serious arrears.
They now are calling in the loan amount.
Our loan agreement states the security required on the loan was the site/house. If the bank repossess the property and sell it off at less than the amount owed , can they come after us for the shortfall in loan?
We did not sign personal guarantees at the time , but our advisor is saying that does not matter because the loan is in our personal names . I have read through the loan agreement and there is no mention of whether the loan was recourse or non-recourse loan? How can we tell which it is?
Is the collateral/security on the house the key factor in determining whether we may be chased for the rest of the debt ?
I would be delighted with an advise or assistance. Thanks

It is unlikely that it is non-recourse but you need a definitive answer so you should seek legal advice or possibly contact http://www.newbeginning.ie/

If it is in your personal name, then they can follow you personally for the residual debt.
This is the case, unless your original loan offer specifically states that it is non recourse unfortunately!

Sadly if the bank do take the site/house from you in order to re-coup the amount borrowed & if after the sale of this the amount they've recoeverd is less than the amount owed they can come after you personally to recover the rest, i've seen it done.