Posted on: 27th Dec, 2010 11:38 am
wells fargo refused our loan modification because we have a texas cash out loan they say its texas law that won't allow them to modify the loan
Hi eloiseromo!
Welcome to forums!
I haven't heard of any such law which doesn't allow the lender to modify the loan. You should ask the lender to explain the law and clarify the whole matter to you. You can even have a word with an attorney in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I haven't heard of any such law which doesn't allow the lender to modify the loan. You should ask the lender to explain the law and clarify the whole matter to you. You can even have a word with an attorney in this regard.
Feel free to ask if you've further queries.
Sussane
Thanks for the response I will check w/an atty
Hi Eloiseromo. Was wondering how things turned out for you, if I may be so forward. My husband and I have the same mortgage company and the same problem. Actually one problem after another with this company. Thanks, Julie
every state has different guidelines. unfortunately, texas law does not allow a loan modification on a property that has a second mortgage on it, that was utilized for cashout.
maria
maria
What if you refinancied the loans intoa single mortgage? could you then egt it modified later on?
Hi helpfuljohn,
You will be able to modify a refinanced loan later on when you're facing problems in paying it off.
Thanks
You will be able to modify a refinanced loan later on when you're facing problems in paying it off.
Thanks
i've requested a loan modification from wells fargo, and 70 days after starting the process they tell us we do not qualify due to having a texas cash out loan? we refinanced a couple years back and paid off a home equity loan with the proceeds. we only have the one mortgage loan with wells fargo now so i'm confused as to why? they tell me the texas constitution (article 16, sec 50 6a) will not allow. they will not quote a specific area or give more information except to tell me to contact my attorney or legislator. i wasn't behind on my loan when this started and now i am and they are trying to force me into a short sale!! what should i do?
Hi Sherri,
Well, I haven't heard of any such rule which states that you can't modify your loan just because you had a Texas cash out loan. Moreover, the loan has also been paid off. In such a situation, I will suggest you to contact a real estate attorney and take his opinion in this matter. In case, the lender is trying to scam you, the attorney will help you take legal actions against the lender.
Well, I haven't heard of any such rule which states that you can't modify your loan just because you had a Texas cash out loan. Moreover, the loan has also been paid off. In such a situation, I will suggest you to contact a real estate attorney and take his opinion in this matter. In case, the lender is trying to scam you, the attorney will help you take legal actions against the lender.