HLS
I am not an attorney nor do I have an agency relationship here. When dealing with clients we give them the actual laws. Folks around here often provide outdated information and fearmonger. The idea of a recourse mortgage is a very small risk for most in CA. Telling people not to refi a first mortgage because it would become recourse debt when they can get much better rates and terms is bad advice. The real danger was always in refined 2nds. With the new law that real danger is limited to the cash out portion over and above loan costs/fees that were built in the new loan. Spreading fear about risks that are minimal does not serve the general population. It’s like telling people not to leave their homes when the weather report calls for lightening in SD County