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Is my CA refinance 1st mortgage non-recourse?

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nafisme Joined: 09 Jul 2009 Posts: 1 1.30 Dollars($)	Posted: Thu Jul 09, 2009 8:23 pm    Post subject: Is my CA refinance 1st mortgage non-recourse? Like 0 Dislike 0 I refinanced at approx 60% of appraised value in 2006, taking out $45k cash above my original purchase mortgage payoff. Current comps in my area show that my home's value has dropped to 36% of loan balance. Is a 1st mortgage refinance with cash taken out a fully non-recourse loan? I have reviewed my note and do see the words 'non-recourse' at the end of the note above the lender's name.
Niicss Joined: 03 Oct 2005 Posts: 4831 Location: New Jersey 508.39 Dollars($)	Posted: Fri Jul 10, 2009 2:14 am    Post subject: Like 0 Dislike 0 Hi nafisme You'll have to go by your loan documents. As your loan documents mentions it to be a non-recourse one, the lender will be able to seize the collateral. He won't be able to sue you for the deficient amount. Thanks. _________________ Good is the Enemy of Great.

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