In California purchase money loans made to buy your home are non-recourse.
What you are going to do depends on - if your loan's is a purchase money or refinanced loan.
A non-recourse loan is a loan that the bank can only look to their secured interest. In other words, they can only foreclose, they cannot get a deficiency judgment and chase you into bankruptcy collecting it.
However if you refinanced, it transform your loan into a recourse loan. . Then the lender can come after you...
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Do you have a 2nd Mortgage? Important Info for California Homeowners!