Ann
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Posted: Mon Apr 07, 2008 2:59 pm Post subject: More on Texas A6
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It seems to me it is really a matter of interpretation as Section 50(a)(6), Article XVI of the constitution, concerning extensions of credit actually speaks to a 12 day disclosure rule, and having only one loan at a time on the same property. You really only have two loans on the same property during that 12 days waiting period, and the second isn't really a loan until it's approved, at which time it will pay off the first loan, so you're left with one loan.
I truly don't understand why Texas legislators would make a law that is interpreted to say that I cannot refinance my own property as often as I want, so long as I can afford it. They did nothing to keep the idiots that went out and got low-interest, ARMs they couldn't afford, a few years ago, and now are talking about bailing them out. Yet they will not let me refi my loan, at a currently available rate that cuts my payments by $150/mo AND lets me pay it off 10 years earlier, just because I refinanced my ARM (which I could afford) into a Fixed 8 months ago. Is there a loop-hole or way to get around this obviously stupid law that doesn't benefit the homeowner in any way? My bank is willing just doesn't know what they can do. It would be with the same bank, on the same property, just a better rate, so it isn't really refinancing, as much as modifying, though that is how it would be done.
Any advice on how to get this done while the rates are still low?
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Alex12
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