Posted by Rich-CA on January 10, 2008 at 19:10:45:
Because its a refi, yes the bank can pursue a deficiency judgment against you. You won’t know unless you get a notice or if they ask you to sign a document saying you’ll pay back (I’d refuse to do this).
Default on cash out refi - Posted by Tim Baum
Posted by Tim Baum on January 10, 2008 at 15:17:16:
What legal liabilities will a borrower be held accountable for other than a foreclosure if they were to default on a cash out refi loan in the state of CA. Is the bank able to persue the borrower personally once thay have acquired the property back into their possesion.