In real estate what does single action "state' mean?

Answer by  patti (29325)

In some states, the law a provides that a lender can only pursue one course of legal action, as opposed to multiple avenues, in the event of a foreclosure.

Answer by  p1988711 (91)

A single action state means that in the event of foreclosure, the lender can only take one form of action, usually either repossession or going after the borrow for repayment.

Answer by  Jakecutter (1819)

In most states it limits the lender to one course of legal action at a time and in some cases even just one course to choose from. This law protects the buyer from the effects of foreclosure.

Answer by  JenT (166)

"State" means that if the buyer defaults on a loan, the lender can only take one action against the buyer. The lender may choose foreclosure or sueing but he may not choose both options.

Answer by  aroseteam (31)

Lenders on a contract with the term single action state means they can only perform one action against the buyer. If the buyer defaults on the loan, the lender has options like foreclosure or sue for recovery. However, in a single action state the lender can't do both. The lender is allowed to either foreclose or sue for damages.