FLU
Recourse loans are out of the picture now and only dinosaurs still worry about them. A first was never effectively a recourse loan whether it was purchase money or refi’d. CA has a one action law in non-judicial forecloses so if the lender forecloses (and it’s always the first as the second would not foreclose unless the 1st could be paid off in full). Recently the law changed and a refi’d 2nd is no longer subject to recourse unless there was cash out over and above loan fees or costs. Even then the recourse is only for the incremental cash out.
Perhaps our resident unemployed paralegal can dredge up some outdated cases in her copious spare time?
