Either the laws have changed or I have become confused. It was my understanding that in CA, only a first mortgage was non-recourse. HELOCs and seconds are recourse loans, as well as re-fi’s. Is that not true? Has the law on this changed recently?
I know that presnit Bush signed into law that the fed would no longer come after you with a tax bill for foreclosure related losses claimed by banks, but I don’t think that changed the state law in any way.
Josh
