Loan Modification after 2006 cash out refinance in 2006
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. by janets_950_757 from Houston, Texas. Jun 13th 2012
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
who is your lender??? email me @ yourloanpartnerforlife@live.com or phone linda @602-330-1598
Jason Turner (apena@amcap1.com)
#119 ranked lender in Texas - 6 contributions
Hello Janet!Contact our office, and we can answer all of your loan questions!Thank You!Andrea Pena281-860-2533
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
Although I am not licensed in Texas, I believe Paul is correct, unfortunately. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950
I am going through a VERY similar situation. I did a cash out refi about 8 years ago. I have had cancer for about a year and 1/2 and probably will never be able to work again due to the side effects of extensive chemo, radiation and brain radiation. I have never missed a payment in the 15 years I have lived here and do not wish to lose my home. I have sent Wells Fargo everything they have asked for and have had conversations with Fannie Mae. I truly believe that the lenders and government agencies do not understand, nor will they try to find an answer. We need help.Please call: Carole 512-963-0900 or csoneal@sbcglobal.net
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