Is it true mortgages in Calif. are usually non-recourse loans, then become recourse when refinanced?
I was told this once but I’m not sure if it’s true. I was told that in the state of California, the papers for the original mortgage you get on a house usually state they are non-recourse, but when you go to refinance, the refi paperwork usually indicates it’s a recourse loan. If this is true, can someone provide me a link to where this is stated on the Internet somewhere. I am trying to convince someone not to refi.