Texas Home Equity

Guest

I am in the biggest mess! We refinanced 3 years ago and got a Texas Home Equity Mortgage. We had no idea what this meant or what it would mean when and if we tried to refinance. Now no one is willing to refinance us or if they are we have no options! This loan is at 7.6, We can refy at the same rate with no escrow but leaves us in the same spot we are in. My husband got laid off, we need to refy and roll in escrow. We have good credit and good equity in our home We are stuck. Any suggestions.

jenkin7 · Posted: Fri Jun 19, 2009 2:03 am Post subject:

Hi Susie,

Texas has some complicated laws regarding the home equity loans. There are various unique features that a Texas home equity loan has, like you cannot have more than 1 home equity loan on your property, you are allowed 1 home equity loan per year, no matter how quickly you pay off the existing loan etc. Did you ask the lenders why they do not want to refinance your existing home equity loan? Is there a specific regulation or a law that is preventing them from offering you a new loan?

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