Did you refinance? Here's some small print

MercuryNews.com | 10/16/2005 | Did you refinance? Here's some small print: "Years of historically low interest rates have enabled Californians to save millions of dollars by refinancing their mortgages. But what few homeowners realize is that refinancing exposes them to greater losses if lenders foreclose on their property.
As long as homeowners retain their original mortgage, a little-known state law prevents lenders from going after more than just the home. Refinancing frees lenders to go after cars, savings and brokerage accounts, unrelated real estate holdings and other assets to make up the difference -- even if it takes a decade or more to square the debt.
The risks are small when home values are zooming as they are today. But some experts warn that could change if the state's housing market stumbles or if there is a major natural disaster, such as an earthquake."
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