San Diego Housing Market News and Analysis
recourse and non-recourse clarification
User Forum Topic
Submitted by kev374 on November 7, 2007 - 2:24pm
Just wanted to clarify this issue. I know if a borrower refinances an original loan the debt becomes a recourse loan. Is this only if there was a cash out as part of the refinance or does it also include situations where the refinance was only done to get a better rate.
I am thinking the majority of outstanding mortgages now are recourse debt since almost everyone has refinanced to a lower rate at least once.
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