Refinance a non-recourse loan in california?

Question by furball: Refinance a non-recourse loan in california?
Is it true that in california, if I refinance a non-recourse loan (origional first and second mortgages I obtained to purchase a house I currently live in), the loan stays as a non-recourse loan, if I only refinance the balance of the loan, without taking cash out, or adding more things (like car payments) on the loan? Refinanced loan will combine the first and second mortgage into one. What about the closing cost, title insurance, escrow, etc, that will be added on the refinanced loan, does that effect the loan to change from a non-recourse loan to a recourse loan, since more things are added to the orignal loan balance from the first and second mortgage? Will refinance paper work state that it’s a non-recourse, or a recourse loan? If it doesn’t spell out on the paperwork, how can I be sure that it stays as a non-recourse loan?
Advanced thank you for any answer provided! 🙂

Best answer:

Answer by reena r
I think no

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4 Responses to Refinance a non-recourse loan in california?

  1. Mortgageman says:

    I’ve never heard of non-recourse. I think you are asking whether or not your loan would be considered Cash-out or Rate-and-term. If your second was used to buy the house, you can roll both loans into one as a Rate-and-term mortgage. You will be allowed to roll in the closing costs and get up to $ 1,999 cash back. There is a section on page one of the 1003 (application) that asks “purpose of refinance”. It will be stated there.

  2. DJ B says:

    A non-recourse loan is one where the lender is counting on the collaterall to be worth the loan amount. Correct? So if you refinance both loans, to a different loan program, the non-recourse loan is paid off by the refinance. Simply tell the lender you plan to refinance with that the loan CAN NOT be a non-recourse loan.

  3. says:

    I think you well find a broker the best bet thay look at 100s of lenders to find you the best one

    thats who i used last time thay got me a relly good deal

  4. baby f says:

    Best Anwser- Chosen by Voters

    You need to call Frank immediately at 661-635-4900 or 919-802-3119 or 866-728-8587. He can get you financed with his network of over 400 lenders (up to 100%) even with bad credit. He has helped me with 4 properties and it has saved me thousands per month. He also helped me with foreclosures and made me a ton of money. He is an expert in this area.

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