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in CA, when one refinances their first mortgage on a primary residential home, does the new loan always become a recourse loan? Does it vary from lender to lender and their specific contracts to determine if a loan is a recourse or non recousre in this secanrio or does the law of CA stipulate that all refinances become recourse loans?.... When one refinances a first loan on their primary home does the new loan become a recourse loan? Does this vary from lender to lender or is this simply a law of CA?

smithsussane · Posted: Thu Jun 03, 2010 8:16 pm Post subject:

Hi Guest!

Welcome to forums!

As far as I know, in California, refinance loans are actually recourse mortgages. This means that the lender can come after you for the deficient balance resulting from the foreclosure or short sale of the property.

Feel free to ask if you've further queries.

Sussane

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in CA, when one refinances their first mortgage on a primary residential home, does the new loan always become a recourse loan?

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