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I’ve been working to get my home refinanced for the last two years. but my credit score was low, now that my credit score it up they have moved the (Foreclosure) on past homes to 5 years instead of the 3 it use to be. I have always paid my mortgage note ont time and was never late. On my first home for 9 years till the real estate agents really messed me around, telling me go ahead and buy your new home and we will sell your old one. I paid two house notes for 10 Months , and what did they do they broke the keys off in the locks so they left the door open someone got in stole my pool table that was going with the house and trashed the place. they never contacted us and lead us on for 4 months telling us no one was interested in our home. We finally ran out of money and decided to let the house go into Foreclosure (bad mistake) but there was nothing else we could do. now we have been living in our new home over 4 years with no late payments, but no one will refinance us, we really need the cash out option to help get out daughter settled in to Collage. new car, books etc, etc, does any one now of a GOOD AND RELIABLE CO. that can help us. thank you for your assistance.
i have over 100,000 in equity in my home, only owe 50,000 on it and appraisle said its worth 150,000

4 Thoughts on Mortgage Cash out Refinance in texas?
  1. Reply
    Seema Prudente
    August 27, 2011 at 12:04 am

    about it you can get information from here

  2. Reply
    ibu guru
    August 27, 2011 at 12:46 am

    Cash-out refis died an unnatural death about 2006-2007. It’s nearly impossible these days to refi, despite “Home Affordable” govt interventions (near-total failure of the program), historically low interest rates, etc. There are no refi deals, even if you have FICO scores well into the 700s – 800s.

    It’s a bummer, but frankly, the last thing you want to do right now in this economy is take on any debt of any kind whatsoever! The economic situation is precarious at the moment. The second leg down has started, the govt statistics are now being shown as one lie after another, and we could have meltdown within 1 – 2 years. You don’t want a loan or any sort of debt now, no matter how bad things are. They appear to be set to get a lot worse sooner than you think.

    Pray I’m horribly wrong. Unfortunately, I’ve predicted crashes before (published in established international biz publications well in advance). And those with an even better track record and more renown say the same – or worse.

  3. Reply
    August 27, 2011 at 1:36 am

    It is simply not going to happen for you, with a foreclosure as recent as four years ago. Furthermore, I suspect you may not have any equity. You won’t know until you get an appraisal, but I’d venture that your home’s value has fallen considerably since you purchased it.

  4. Reply
    August 27, 2011 at 2:18 am

    Even with stellar credit you can cash out only up to 80% of the value of the home in Texas. Unless you put a huge down payment, there probably isnt enough equity there to pull out if you bought the home 4 years ago.

    Forget about getting the money through your house. It’s not gonna happen. There are lots of grants and money available for school though. I would encourage you to look into student loan financing instead of the house.

    Additional information after you indicated you had tons of equity:

    While you have equity to pull out, lenders have minimum fico requirement and guidelines for foreclosures that cannot be ignored. You can’t get a loan through a regular lender so the worst thing that can happen to you is to hook up with a hard money lender that will lend you the money, while bending you over backwards.

    Read this article. Don’t be like other idiots that ruin themselves financially just so Jr. can spend time doing jello shots instead of getting a part time job.

    Best to be in a stronger financial position when your daughter really needs it in the future.

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