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texas cash out loan

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eloiseromo Joined: 27 Dec 2010 Posts: 1 1.39 Dollars($)	Posted: Mon Dec 27, 2010 12:38 pm    Post subject: texas cash out loan Like 0 Dislike 0 wells fargo refused our loan modification because we have a texas cash out loan they say its texas law that won't allow them to modify the loan
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Dec 27, 2010 7:55 pm    Post subject: Like 0 Dislike 0 Hi eloiseromo! Welcome to forums! I haven't heard of any such law which doesn't allow the lender to modify the loan. You should ask the lender to explain the law and clarify the whole matter to you. You can even have a word with an attorney in this regard. Feel free to ask if you've further queries. Sussane
Guest	Posted: Tue Dec 28, 2010 9:08 am    Post subject: Like 0 Dislike 0 Thanks for the response I will check w/an atty
Julie Phelps Guest	Posted: Tue Oct 04, 2011 7:42 am    Post subject: Texas cash out loan Like 0 Dislike 0 Hi Eloiseromo. Was wondering how things turned out for you, if I may be so forward. My husband and I have the same mortgage company and the same problem. Actually one problem after another with this company. Thanks, Julie
mariaramirezsmith Joined: 06 Oct 2011 Posts: 2 1.33 Dollars($)	Posted: Thu Oct 06, 2011 12:12 pm    Post subject: Like 0 Dislike 0 Every state has different guidelines. Unfortunately, Texas law does not allow a loan modification on a property that has a second mortgage on it, that was utilized for cashout. Maria
helpfuljohn Joined: 20 Oct 2011 Posts: 22 4.66 Dollars($)	Posted: Thu Oct 20, 2011 4:26 pm    Post subject: Like 0 Dislike 0 What if you refinancied the loans intoa single mortgage? could you then egt it modified later on? _________________ Looking for a Home Equity Loan or Line of Credit? Find a lender in 2 clicks.
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Thu Oct 20, 2011 11:28 pm    Post subject: Like 0 Dislike 0 Hi helpfuljohn, You will be able to modify a refinanced loan later on when you're facing problems in paying it off. Thanks
Sherri Guest	Posted: Fri Mar 09, 2012 11:52 am    Post subject: Texas Cash Out and Loan Modification Like 0 Dislike 0 I've requested a loan modification from Wells Fargo, and 70 days after starting the process they tell us we do not qualify due to having a Texas Cash Out loan? We refinanced a couple years back and paid off a home equity loan with the proceeds. We only have the one mortgage loan with Wells Fargo now so I'm confused as to why? They tell me the texas constitution (article 16, sec 50 6a) will not allow. They will not quote a specific area or give more information except to tell me to contact my attorney or legislator. I wasn't behind on my loan when this started and now I am and they are trying to force me into a short sale!! What should I do?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Fri Mar 09, 2012 11:37 pm    Post subject: Like 0 Dislike 0 Hi Sherri, Well, I haven't heard of any such rule which states that you can't modify your loan just because you had a Texas cash out loan. Moreover, the loan has also been paid off. In such a situation, I will suggest you to contact a real estate attorney and take his opinion in this matter. In case, the lender is trying to scam you, the attorney will help you take legal actions against the lender. _________________ Procrastination is the enemy of your financial success

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