[bxparks]

Recourse versus non-recourse mortgages is an interesting difference that most people seem to be unaware of. I do not recall reading about it in any of the disclosures (running hundreds of pages) that I had to read. I only found out about it while researching on the internet.

Apparently, there are only 10 non-recourse states as of 2009: Alaska, Arizona, California, Hawaii, Minnesota, Montana, North Dakota, Oklahoma, Oregon, Washington, and Nevada. The tricky thing is that only the initial mortgage is non-recourse. A refinanced mortgage becomes recourse, but interestingly, they don't seem to be required to disclose that in the disclosures.

[toast0]

Refinance in California remains non-recourse as of maybe 10 years ago.

Washington isn't really non-recourse, lenders have the option of recourse or non when pursuing foreclosure, non-recourse is significantly faster and is predominantly chosen; but if it was known you had assets, they might choose to go recourse.

[bxparks]

According to https://www.bankruptcysoapbox.com/california-extends-protect..., you are correct for loans after Jan 1, 2013. The relevant statute SB-1069 is here: https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml...