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Guest

With the decline in property values, how is it possible to refinance a home equity loan in Texas under the LTV of 80 %? Is there anything being done to address the many homeowners like myself in this situation within the State Legislature.

jameshogg · Posted: Wed Oct 22, 2008 10:51 pm Post subject:

Hi markus!

Are you looking for a cash out refinance and have been denied on that? As far as I know, the lenders should approve a refinance loan under 80% LTV. It will be better if you could ask the lender as to why you are not being approved of the loan.

This community also has a number of lenders. You can seek their opinion on this regard and also go in for a no-obligation free mortgage quote:
http://www.mortgagefit.com/quote/

Thanks.

brian1 · Posted: Sat Oct 25, 2008 5:00 pm Post subject:

Markus it is going to be an issue because of the unique laws of TX regarding cash out refinance. In TX you cannot refi over 80% on a cash out. If the equity line was part of the original purchase then it would not be seen as cash out however if you took the line after the purchase because for cash then you will not have any success.

Good Luck
Brian

Guest

Allow me to explain. We took out a ARM home equity loan in 2006 due to hardship. The appraisal that was done was done on a appraisal waiver. Which are no longer valid and was ordered by the mortgage company that has sinced then gone out of bussiness. We feel that the appraisal was not done properly. The value came in high but we now feel that it was only done to secure the loan. Now of course the property will not come close to the original appraisal in order to refinance to a fixed rate. The world now knows of the deceptive trade practices that were used on these ARM's. What are my options?

Niicss · Posted: Tue Oct 28, 2008 2:00 am Post subject:

Hi Markus!

You said that the original lender has gone out business. Have they sold your loan to some other lender? If this is the case, then you can speak to the new lender and see if they offer you an alternative payment plan. I think that may help you.

Thanks.

Guest

The new lender only service loans. They can only do modifications which is not the same as a refinance. They dont offer refinance. I would have to go to another mortgage to do a new loan, but with this being a home equity home in a down market its next to impossible. Im speaking with a real estate lawyer about the deceptive trade practices of the original company. maybe I will have a chance going this route.

jerry · Posted: Wed Oct 29, 2008 2:13 am Post subject:

Hi Markus!

You said that the new lender offers loan modification. Why aren't you going for it? Are the rates and payments too high? If the payments are within your reach, you should go for them. This will help you to save the property and will not damage your credit.

Taking a legal help in such situations is always recommended. Let the community members know what your real estate lawyer told you.

Thanks,

Jerry

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refinance a ARM home equity loan