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in california, is a refinance mortgage a recourse loan?

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gmedina Joined: 12 Jan 2009 Posts: 1 1.28 Dollars($)	Posted: Mon Jan 12, 2009 7:56 am    Post subject: in california, is a refinance mortgage a recourse loan? Like 0 Dislike 0 I refinanced a rental property 2 years ago. Now I owe $100k more than what it's worth. I don't know if I should let it foreclose, or do a short sale. I tried a loan modification with lender, but they declined it. I've missed 2 payments so far. I haven't had a renter since Nov 1, 2008.
evolovik26 Community Expert Joined: 15 Aug 2007 Posts: 537 Location: Minneapolis 28.93 Dollars($)	Posted: Fri Jan 16, 2009 10:10 pm    Post subject: Like 0 Dislike 0 Well the lender will decide if they accept a short sale and you need to have a buyer for a property in order to do a short sale. Foreclosure is not a choice but a final action by the lender if you don't pay on the property _________________ Eugene Volovik Home Loan Consultant Countrywide 612-481-3127 Conventional, FHA and Commercial Lending in 48 states

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