Need refinance loan for Texas owner-occupied property?

jameshogg · Posted: Fri May 18, 2007 4:12 am Post subject: RE: tax liability on gifted money

Hi Clay

Welcome to forums.

Perhaps you mean to say that you are buying out your in-laws and would pay them later on. But I don't feel that there will be any tax liability on the sum of money that you'll be paying later. There would have been a gift tax liability had you not paid the amount or paid less than the required amount.

Thanks

Guest

is it possible to refinance a mortgage twice in a year, some say with current texas laws it cannot be done, is it true?

blue · Posted: Mon May 28, 2007 3:36 pm Post subject:

Hi Martonosi,

Welcome to Mortgagefit discussion board.

What you have heard is quite correct. As per laws borrower cannot refinance more than once a year. This provision was made to stop loan flipping where multiple refinance with high fees results in reduction in home equity with every refinance transaction.

Do let me know if you have any other questions.

Thanks
Blue

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