Suppose you bought the Calif. condo with a 3 yr ARM that was adjusting to an intolerable payment. You refi’d just in time to a 5 yr ARM, still barely affordable-now you lose your job and can pay nothing. So short sale or foreclosure is coming down the track.Some say the refi loan is not subject to the same CA. laws as the orginal. If the refi was only used for actual purchase money-not cash out etc., is that not a purchase money loan, too? Is the scenario any different?
Ms. Ima Dunn Withcalifornia