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nonrecourse mortgage: Clarification regarding California non-recourse mortgages - 07/10/09 04:32 PM
I shudder when I read blanket statements that California mortgages are Non-Recourse.  Why do I shudder?  Because people BELIEVE IT and are making decisions about whether to let their home go to foreclosure based on an incomplete understanding of the facts.

 
So what ARE the facts?
Under California law, a mortgage debt is considered "non-recourse" when the mortgage was made under the following two circumstances:
- The mortgage was made to purchase a 1 - 4 unit property and the borrower occupies at least one of the units.
- The Seller financing for all or a portion of the purchase price of the property.
A mortgage … (9 comments)