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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (77690)4/14/2008 1:58:56 PM
From: Peter V  Read Replies (1) of 116555
 
There is a fine point you may have missed about California. California is non-recourse for PURCHASE money mortgages. So if you have the original loan on the house, walking away poses little threat.

Refinancing mortgages, however, are recourse loans, but only if the lender pursues judicial foreclosure, which is expensive and time consuming. Most lenders opt for the faster and cheaper non-judicial foreclosure, which prevents them from pursuing borrowers for deficiencies.

If you have a huge deficiency and have some money, you might run some risk that a lender will pursue you.
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