Posted on: 12th Jun, 2012 08:26 pm
We refinanced our primary residence in 2006 and took out a chunk of equity (as cash out) to pay credit card bills. The next year the recession hit and, as realtors, we suddenly could not afford the mortgage. We have been trying to get a modification, but I recently told by someone at Fannie Mae that you cannot get a modification (in Texas) if your loan is a cash out refi. Our lender did not tell us this and we have been trying to get the modification with tons of paperwork over 2 years. Is that true that we don't qualify in Texas for a modification? I cannot find anywhere on the web that explains situation.
Hi momscarb,
Well, I haven't heard of any such law which states that if you have refinanced your mortgage, you won't be able to get a loan modification. Nevertheless, I will suggest you to contact a real estate attorney based in Texas and take his opinion in this regard.
Well, I haven't heard of any such law which states that if you have refinanced your mortgage, you won't be able to get a loan modification. Nevertheless, I will suggest you to contact a real estate attorney based in Texas and take his opinion in this regard.