PiaffePonyTx
New Member
Mortgage in Ex husbands name but I was awarded the property in divorce. My parents moved in with me to help refinance out of his name and cash out some of my home's $300,000 equity to help my business that's suffered because of my divorce. My home and agricultural business are on the same property.
The mortgage broker I contacted said that they would need to be added to the deed for 6 months before they could start the loan process. I asked her if that was just their company policy and she said "No, it's the law." I added them to the deed and contacted other brokers to see if there were any work arounds to get the money sooner.
After sending them the same info I sent her, they told me "The 6 month seasoning period shouldn't have been an issue under our circumstances.. however, the state of Texas does not allow cash out refinances or home equity loans to ag exempt properties."
If I hadn't added my parents to the deed, I could've just sold them the property for the amount I wanted to cash out. Taking them off the deed will not remedy the situation. I would have to remove my Ag exempt status and PAY 5 YEARS OF BACK PROPERTY TAXES to get the cash out loan. This lady royally screwed me over.
I sent her all the property details and told her the property was ag exempt. I spoke with her on the phone and discussed the details via email. I still have all the emails.
Do I have any recourse at all?
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The mortgage broker I contacted said that they would need to be added to the deed for 6 months before they could start the loan process. I asked her if that was just their company policy and she said "No, it's the law." I added them to the deed and contacted other brokers to see if there were any work arounds to get the money sooner.
After sending them the same info I sent her, they told me "The 6 month seasoning period shouldn't have been an issue under our circumstances.. however, the state of Texas does not allow cash out refinances or home equity loans to ag exempt properties."
If I hadn't added my parents to the deed, I could've just sold them the property for the amount I wanted to cash out. Taking them off the deed will not remedy the situation. I would have to remove my Ag exempt status and PAY 5 YEARS OF BACK PROPERTY TAXES to get the cash out loan. This lady royally screwed me over.
I sent her all the property details and told her the property was ag exempt. I spoke with her on the phone and discussed the details via email. I still have all the emails.
Do I have any recourse at all?
Sent from my iPhone using Tapatalk