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Home equity loan problem

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Stan

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Post Posted: Mon Feb 02, 2009 3:26 pm    Post subject: Home equity loan problem
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I am trying to refinance my home. The lender tells me that since they do not have a brick and mortor office in Texas they cannot refinance my home because I have a home equity line of credit that I borrowed money against this line of credit and have repaid the loan. Is this a fact? Should the lendor have asked this question prior to my submitting a commitment fee? Should I be able to get my commitment fee refunded?
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sara
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Joined: 05 Jul 2006

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Location: New Brunswick, New Jersey
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Post Posted: Tue Feb 03, 2009 3:01 am    Post subject:
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Hi Stan,

If you have repaid the Heloc, then you can qualify for a refinance loan on your Texas property. And yes, the lender should have asked this question before you paid the commitment fee.

You can ask for a refund of the fees you've paid. Check out the commitment letter for terms and conditions regrding refund of commitment fee.

Take care

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