---

Texas A6 law: Cash-out loan and other refinance options

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
Julie Phelps Guest	Posted: Fri Sep 30, 2011 7:05 am    Post subject: Huh? Like 0 Dislike 0 In tears at this moment, bewildered at my mortgage company, ASC, who told my husband that we had qualified for the HAMP program. We waited and waited for papers but nothing. I tried contacting our case worker to no avail for the last month. Then today I talked with a fellow who informed me that we have been denied for the HAMP program because we have a Texas cash out loan. Foreclosure date is March 6th. I did'nt even know what that was til I looked on the internet and found this site. Would'nt we know if we had this type of loan? We've never taken money out against the house. Could we have done this without realizing it? Any advice would be so helpful and appreciated. thanks Julie
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Fri Sep 30, 2011 8:55 pm    Post subject: Like 0 Dislike 0 Hi Julie, Your query has been replied to in the given page: http://www.mortgagefit.com/Mortgage-problems/What-is-a-Texas-cash-out- loan.html Please take a look at it. I hope it will help you. Sussane
College Prep Guest	Posted: Tue Nov 22, 2011 1:54 pm    Post subject: TX A6 Cash-Out Refi w/ Piggy back HELOC Like 0 Dislike 0 When purchasing my home I did an 80/10/10 to eliminate PMI. I followed up with a Equity Loan for a pool (6 years ago). I would like to consolidate the three loans and then piggy back with an HELOC to assist with upcoming education expenses. I am being told this is not possible. "Once a cash-out, always a cash out". My consolidate mortgage would be well less than 65% LTV! Is this really how the law works?
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Tue Nov 22, 2011 9:10 pm    Post subject: Like 0 Dislike 0 Welcome Guest, As far as I know, in Texas, the law states that "once a cash out, always a cash out". You cannot change this. If you have equity in your property, then you may have to go for a cash out loan in this case and consolidate your debts. _________________ Procrastination is the enemy of your financial success
Motorev Guest	Posted: Fri Dec 16, 2011 11:05 am    Post subject: Texas A6 law Like 0 Dislike 0 I live in Texas and have been investigating the HUD Section 203(K) loan program to use for buying and rehabbing a second home for my retired parents to live in (not my primary residence). I was wanting to do some of the rehab work myself and subcontracting out the rest. I'm a skilled carpenter and rehabber but I do not work in that field (I'm a minister). I was told by a Texas loan officer who does 203(K) loans that the Texas A6 law would not allow me to do any of the work myself. Instead a registered contractor would have to be hired to do it all. I have verified that the 203(K) loan program does not have this stipulation-homeowners are allowed to do the reab work. Is what the loan officer told me a correct statement based on what you know about the Texas A6 law?
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Sun Dec 18, 2011 11:35 pm    Post subject: Like 0 Dislike 0 Welcome Motorev, As this is a legal matter and the laws of Texas vary from other states, it will be better if you could contact a real estate attorney and take his opinion in this matter. _________________ Procrastination is the enemy of your financial success
Guest	Posted: Mon Mar 05, 2012 7:00 pm    Post subject: Like 0 Dislike 0 Cash out refi 2005 I tried to refi with company from kansas. They said company had to be located in TX. Kansas company had best rate
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Mar 05, 2012 11:51 pm    Post subject: Like 0 Dislike 0 Hi Guest! Welcome to forums! If the mortgage lender in Kansas operates in Texas, then you can take out a mortgage from them as well. Normally it is better to take out a mortgage from a lender who operates in your state. Feel free to ask if you've further queries. Sussane
radmanzx7 Guest	Posted: Sat May 26, 2012 6:07 am    Post subject: Texas Mortage question Like 0 Dislike 0 I have a couple of questions. 1. 6+ years ago I co-signed a home equity loan for my mother-in-law. She went through a bank and it was a very quick concise process. Jump to present day, she has decided that she wants to sell us her house, and apparently since I signed that loan I now already own the house so I an not eligible for a new home loan. To clarify I am not and have never been listed on the title of this property. I am told that the bank should have filed paperwork to have my name added to the title at the time of the original home equity loan. 2. The bank is suggesting that my only option is to have my mother-in-law deed me th house and then I can do a cash out laon and pay her the aggreed upon price. I have investigated this a little bit, and I am being told that once the deed is filed that I have to wait 6 months for 70% and 12 months for 80% cash out, but the bank is telling me that they can have the whole process closed inside of 2 months. I have plans to meet with a real estate attorney.

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Previous  1, 2, 3, 4, 5, 6, 7, 8

Page 8 of 8

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0