Posted on: 24th Aug, 2009 07:58 pm
with the decline in property values, how is it possible to refinance a home equity loan in texas under the ltv of 80 %? is there anything being done to address the many homeowners like myself in this situation within the state legislature
Please check with yoru lender and see if they canhelp you with loan modification
Hi shapoes,
In Texas, you can refinance your home equity loan only with another home equity loan. You cannot refinance it with a regular rate and term loan. This makes refinancing difficult for homeowners with declining property values. Due to negative equity, they are not being able to refinance their Texas home equity loans. But so far, I have not heard any changes in the Texas laws regarding refinance which proposes any amendments to the existing laws.
In Texas, you can refinance your home equity loan only with another home equity loan. You cannot refinance it with a regular rate and term loan. This makes refinancing difficult for homeowners with declining property values. Due to negative equity, they are not being able to refinance their Texas home equity loans. But so far, I have not heard any changes in the Texas laws regarding refinance which proposes any amendments to the existing laws.