California Real Estate Lawyer
Q.Everyone is worried about bank runs in the weeks or months preceding the year 2000. Even if the optimists are right and Y2K is survivable, bank runs could still occur and cause financial havoc. Actually, bank runs aren't as bad as people fear. Everyone remembers the depression of the 1930s, banks closing their doors, people losing their life savings. Check the laws of your state. I believe (I am not a lawyer, only a home owner) that under California Trust Deed Law that the only security on a home mortage is the home itself. If the home devalues below the cost of the mortgage and you walk away, then the bank gets the devalued house but the bank can not get your car, boat, bank account etc.
A.It is true that housing loans in California are no-recourse loans, but if the bank really wants to take you to court, it can then attach your other assets if it wins, it is just that the court process takes so much money that it is rarely worth it. I am not a lawyer either, but IMHO you have your facts wrong. The single recourse limitation applies only to purchase money loans and not to refinances. In any case the bank can still go after you for the deficit as an alternative to a trustee's sale. They just can't have it both ways (unless you refi and then they can). Of course I am still referring to California.
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