Mortgage Cash out Refinance in texas?
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.
- 9 years agoFavorite Answer
have you tried penfed or any other major bank? if it's backed by freddie/fannie, i'm afraid there is little you can do. other than helping your daughter face the facts of life. trade the car for a bicycle and tell her to get some school loans.
it sucks you got screwed in your home...but c'est la vie. i wouldn't loan you any money based on what you have written here. move on, tell your daughter to suck it up and live within your means, you should be fine.
- SandraLv 44 years ago
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.