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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: HOA stopping my Home Equity Loan Posted by Ward-CA- on October 01, 2001 at 9:28 PM In Reply to: HOA stopping my Home Equity Loan posted by Duane Wardell on October 01, 2001 at 4:06 PM : I am ready to close on a refinance and home equity loan in Texas but Home Owners Association's restrictions say they will not be subordinate to the lender. So my lender tried to get the HOA to sign a 90 day letter or a subordinate agreement and the HOA board refused based on their lawyers advice. I have tried sveral lenders and they all want the HOA to do the same thing. The HOA's lawyer was very rude to my lender's lawyer and the HOA board says I can try to get them to change the verbaige in the restrictions but that is very unlikely since there is no presedence. Even if they did change the restrictions it would take several months and I need the money now. I know that the Texas law has changed in my favor but it will not be voted on by the people until Nov 2001 and will not be enacted until Jan 2002 if it passes. Can you help? : Thanks, Duane =•=•=•=•=•=•=•=•=•=•=•= Duane, why not get a short term bridge loan for the next 3 to 4 months, until the law goes into effect January, 2002? That way you’ll get the money you need now and then pay it off with the new loan in 2002. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I am ready to close on a refinance and home equity loan in Texas but Home Owners Association's restrictions say they will not be subordinate to the lender. So my lender tried to get the HOA to sign a 90 day letter or a subordinate agreement and the HOA board refused based on their lawyers advice. I have tried sveral lenders and they all want the HOA to do the same thing. The HOA's lawyer was very rude to my lender's lawyer and the HOA board says I can try to get them to change the verbaige in the restrictions but that is very unlikely since there is no presedence. Even if they did change the restrictions it would take several months and I need the money now. I know that the Texas law has changed in my favor but it will not be voted on by the people until Nov 2001 and will not be enacted until Jan 2002 if it passes. Can you help? : : Thanks, Duane : =•=•=•=•=•=•=•=•=•=•=•= : Duane, why not get a short term bridge loan for the next 3 to 4 months, until the law goes into effect January, 2002? That way you’ll get the money you need now and then pay it off with the new loan in 2002. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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