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cosmenavarro · Joined: 28 Oct 2008 Posts: 1 1.40 Dollars($)

I did a ARM refinance 2 years ago in Nov. and pulled cash out. I didn't know anything about Texas law, but now when I try to refinance the mortgage representative tell me that per Texas law I cannot refinance. I owe a little under 68,000 and my home was appraised at 109,000, I believe that this make the loan to value ratio less than 80%. I'm with Countrywide and every time I call them I get the run around. Can anybody help me? My ARM is about to adjust and I feel that I have my back against the wall.

Niicss · Posted: Tue Nov 11, 2008 3:26 am Post subject:

Hi cosmenavarro,

Did you ask the mortgage representative on what grounds he is denying you the loan? Moreover, your loan to value ratio will be calculated as per the current appraised value of your home and not according to the value of your home 2 years ago.

Thanks.

bearboysj · Joined: 25 Oct 2008 Posts: 42 17.02 Dollars($)

With Texas A6 loans, you are limited to one equity transaction per year. So if you have refinanced within the last 12 months you would be denied.

Since you have already done one equity transaction on this property, you will always be requried to do an equity transaction - maybe they were under the assumption you were doing a non-equity transaction.

Once a cash out, always a cash out in Texas.

You cannot go over 80% on an equity transaction, maybe your loan to value is not under 80%..

But like Niics said, we need a bit more information.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

I would call a couple more places to double check that. Or at least call the company that told you this and ask them specifics of the law so that you can do the research.

Guest

I would love to help. Email me, and let's discuss!

MSmith@PrecisionFundingUSA.com

I am on line now!

gmakerley · Posted: Thu Nov 13, 2008 8:42 am Post subject:

of course you would love to help, X. isn't free advertising wonderful? hopefully, you're unsuccessful in striving to cheapen the experience everyone else has on this forum.

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