[quote=scaredycat]and it seems dumb for davelj to say “well why not do it now”. D’uh — it’s too late to get scads of free heloc money, and the free rent train may be ending. [/quote]

Most “free heloc money” is recourse, scaredy. Even here in CA. You do understand that, don’t you?

(First mortgages associated with Purchase Loans are non-recourse in CA, but most HELOCs – although not all – result from re-fi’s. I read in a mortgage analyst’s report that most HELOC money in CA is, in fact, recourse due to the re-fi issue.)