Texas Title Insurance Problem - Any Title Insurance Underwriters?
First just want to say thanks to everybody for such a great resource. I rarely have to post because so many topics are already discussed, but I think I finally came up with a Dooley.
Background is that I relocated from Dallas TX to Chicago, IL for my job and decided to rent my personal residence back in Dallas. I am now trying to do a cash out refinance of the house as its increased significantly value. My loan went the lender approval alright but now one day before closing the title insurance underwriter won't insure title for my property as an investment property. They are requiring it be insured as a homestead property. This presents the problem of increasing my title insurance by more than $300 and even more of a deal breaker us that you have to be present in Texas to sign docs.
The Dallas house is my only real estate, since I decided to rent in Chicago. So the underwriter is saying that due to thus being my only house it Kurt be considered a homestead. Can the underwriter require this? Seems that they are being overly conservative just feel more comfortable. It likely doesn't matter, but I always intended this to become a rental and if I can get this cash out, I intend to purchase a other rental. So the property is definitely an investment property.
Any suggestions on how to resolve this would be appreciated or if anybody knows of a title company that would do remote close as an investment property I'd love to hear.
Thanks all ahead of time