TX A6

dtay77 · Joined: 10 Dec 2007 Posts: 1 1.32 Dollars($)

I have a client that took $15000 cash out 5 months ago in TX. $6,000 was paid out of settlement for a tax lien on their home. They used the other $8,000 for a federal tax lien. They gave the money to an attorney to try and settle the lien. Would they be able to do another loan b/c the funds were used for tax liens? If so what proof would they have to get from the attorney to show the money was used for a tax lien?

larry · Joined: 27 Jun 2007 Posts: 2598 349.41 Dollars($)

Hi dtay,

Welcome to this forum.

As far as I know a Texas A6 loan can't be refinanced within 12 months and it is only 5 months that your husband has done the refinance. So he can't do cash out refinance now.

There are quit a few unique requirements for a Texas A6 loan. There is a discussion regarding these unique requirements in this site. You can check it out- http://www.mortgagefit.com/texas/a6loan-law.html

Hope this will help you.

Thanks,
Larry

jenkin7 · Joined: 04 Jun 2007 Posts: 880 131.00 Dollars($)

Hello Dtay,

Even I agree with Larry. I don't think you can do another cash-out refinance in Texas just after 5 months of taking one.

All times are GMT - 7 Hours

Page 1 of 1