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 shapoes
Joined: 24 Aug 2009
Posts: 1
0.00 Dollars($)
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 Posted: Mon Aug 24, 2009 7:58 pm Post subject: Refinance |
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| With the decline in property values, how is it possible to refinance a home equity loan in Texas under the LTV of 80 %? Is there anything being done to address the many homeowners like myself in this situation within the State Legislature |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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| Posted: Mon Aug 24, 2009 8:22 pm Post subject: |
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| Please check with yoru lender and see if they canhelp you with loan modification |
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jenkin7
Joined: 04 Jun 2007
Posts: 3427
Location: Hawaii
513.84 Dollars($)
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| Posted: Mon Aug 24, 2009 10:28 pm Post subject: |
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Hi shapoes,
In Texas, you can refinance your home equity loan only with another home equity loan. You cannot refinance it with a regular rate and term loan. This makes refinancing difficult for homeowners with declining property values. Due to negative equity, they are not being able to refinance their Texas home equity loans. But so far, I have not heard any changes in the Texas laws regarding refinance which proposes any amendments to the existing laws. |
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