Posted by JohnBoy on July 03, 2001 at 21:28:55:
I thought a note with recourse meant that if the payor on the note defaulted then the buyer of the note could come back to the seller of the note and hold you responsible for making the payor’s payments. I didn’t think it meant you had to buy back the note.
Assuming my understanding of that is correct then the only thing you have to pay is the $30.
Maybe my understanding of a note sold with recourse was wrong.