Well, we were refinancing the house to bring our house payment down for a
better situation with the new property. The bank called 2 days before
closing and stated that Texas has a equity law of only allowing one equity
loan per 12 months. I did some research and it is a true.
Search for Texas a6 Home equity loans.
I pulled this from one of the sites
HOME EQUITY CONSTITUTIONAL AMENDMENT APPROVED BY TEXAS VOTERS NOVEMBER 4,
1997
TEXAS HOME EQUITY LOANS PERMITTED AFTER JANUARY 1, 1998
For 150 years, Texas has banned home equity loans. On November 4, 1997, the
voters of Texas overturned this ban on home equity loans by approving a
Constitutional Amendment to the Texas Constitution. Beginning January 1,
1998, home equity loans were permitted in Texas. Texas is the last state in
the Union to permit home equity loans. Texas is the second-most-populous
state and Texans have more than $200 billion of equity in their homes.
WOW! I would have never guessed. 😉
Well that puts everything we have been planning on hold.