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Can I refinance a home and get cash out in Texas?

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Guest	Posted: Sat Feb 14, 2009 4:19 pm    Post subject: Can I refinance a home and get cash out in Texas? Like 0 Dislike 0 Several years ago I took over the mortgage payments and title on my 81 year old mother's home. Although the property title is in my name, she still receives homestead exemption on it. We were told by the county tax office that because it is still her primary residence that it qualifies for homestead exemption. I live out of state. I want to refinance and get cash out to do renovation on it and pay bills. I was told by one broker that I could not because it. was considered a vacation home. Another broker told me I couldn't because of the homestead exemption. Can I refinance?
jerry Moderator Joined: 17 Oct 2005 Posts: 2708 Location: MICHIGAN 429.63 Dollars($)	Posted: Mon Feb 16, 2009 3:32 am    Post subject: Like 0 Dislike 0 Hi Guest, As far as I know, you cannot get a cash out refinance in Texas on a second home. As the homestead is in your mother's name, it is her primary property and thus, it is considered a second home for you. That's the reason why the lenders are not ready to refinance the property. You can go through the following link where you can get a detailed discussion on this issue: http://www.mortgagefit.com/texas/secondhome-cashoutrefinance.html Thanks, Jerry

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