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tnpa1104 · Joined: 12 Feb 2010 Posts: 1 1.35 Dollars($)

I think the question said it all but just in case:

1. Property has an existing loan in my wifes and her exs names.
2. Property had warranty deed executed granting ownership to me and my wife.
3. I am a retired disabled Vet with access to VA and TX Vet loan programs
4. We want to take a new loan to lower the interest rate and pay off revolving debt.

Now the question is, Can we take out a new mortgage for the property under the above conditions?

If not, what are other possibilities in TX? Refi etc

Thanks for your help!

adonis · Posted: Fri Feb 12, 2010 9:19 pm Post subject:

Hi tnpa,

If you are the owners of the property, then you can refinance the loan in your name provided there's equity in the property and you have a good credit score and income. You can speak to the current lender in order to get a loan or you can contact other local lenders for the same.

gmakerley · Posted: Fri Feb 12, 2010 10:43 pm Post subject:

most of the time, what adonis said is right...however, texas has some unusual laws in comparison with elsewhere. i don't believe it will be easy for you to refinance and take cash back out. there is a specific state statute about cash out loans, and you need to know more about that before you set out to obtain a refinance. check with your lawyer if you have one.

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Can I take a new mortgage on a property mortgaged in my wifes and Exs names, and with my and my wifes name on the deed?

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