| 2005, the median ratio of old-to-new interest rate was 1.09. In other words, one-half of those borrowers who paid off their original loan and took out a new one had an interest rate equity private their old loan that was at least nine percent higher than the new interest rate. equity private 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 equity private 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 equity private warn that could change if the state's housing market stumbles or if there is a major natural disaster, such as an earthquake. Lenders also will get more leverage starting today because sweeping changes to federal bankruptcy laws make it much harder for Americans to wipe out debts equity private court. A mechanics lien is a hold on real property for the benefit of someone whose work or property improves the property. It is called by various names, including materialman's lien, supplier's lien, |  |
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