Asked by Lean&mean, Tracy, CA • Tue Jul 20, 2010
I am planning to refinance my primary residence. I have one mortgage on the property and LTV < 80%. I only want to refinance the balance on my loan.
I am talking to numerous lenders and most of them do not have answers to my question.
My question is related to recourse vs. non-recourse loans. My understanding is that by law in CA, any mortgage loan is a non-recourse loan. Howerver, it can turn into a recourse loan during HELOC/refinances.
I want to make sure that my loan remains non-recourse after the refinance. Can someone here help me with this question.
How do I make sure that after refinance, my loan remains non-recourse. Is there any part in the GFE that specifies this.
What should I look out for during signing of the refinance documents to ensure that the lender has not switched the loan to recourse.
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