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  1. #1
    davebaca Guest

    Refinance with non-recourse loan in CA

    What is the name of your state? California
    When I bought my house 4/2002, an accountant warned me about later refinancing with a recourse loan. He indicated that my first loan would be a non-recourse loan. Is it possible to refinance with a non-recourse loan? It seems like it would be preferable to have a non-recourse loan, vs. a recourse loan.
  2. #2
    HomeGuru is offline Senior Member
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    Re: Refinance with non-recourse loan in CA

    [QUOTE]Originally posted by davebaca
    [B]What is the name of your state? California
    When I bought my house 4/2002, an accountant warned me about later refinancing with a recourse loan. He indicated that my first loan would be a non-recourse loan. Is it possible to refinance with a non-recourse loan? It seems like it would be preferable to have a non-recourse loan, vs. a recourse loan.

    **A: and when you asked this accountant the same question, what exactly did he tell you?
    Last edited by HomeGuru; 03-11-2003 at 09:08 AM.
  3. #3
    davebaca Guest
    At the time I didn't fully understand what he was talking about so I didn't ask the question. It seems to me that a non-recourse loan is far preferable to a recourse loan. My question is whether there is some law (CA or otherwise) that forces refinanced loans to only be offered as recourse loans or if it depends whether you take cash out, etc.
  4. #4
    HomeGuru is offline Senior Member
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    I'm not sure, talk to a mortgage broker.
  5. #5
    davebaca Guest
    I spoke with my mortgage broker and he indicated that I would only be able to get a recourse loan for a refinance, or vice-a-versa, one is only able to get a non-recourse loan on their first loan on residential real estate. He indicated that it didn't really make a difference in residential real estate--it really only applies in commercial real estate. He said that he didn't know of any lender that had ever gone after a residential lendee after they had lost their property.
  6. #6
    HomeGuru is offline Senior Member
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    Thanks for the info.
  7. #7
    valvee2003 Guest
    I guess you run your front end loader business from California, huh big guy?

    It's a shame you are too busy moving trash around with your front end loader and are unable to read /comprehend an FDIC regulation.

    I'm a lending compliance officer for a national bank. Too bad you posted your evil little reply to my serious question.
  8. #8
    valvee2003 Guest

    Last post was directed to HomeGuru loserman

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