I ended my forbearance in March and have made 3 consecutive payments. My bank, Umpqua has said I can refi, but not a cash out refi. I have a note for 103K on the property. The house is worth close to 300K and I would like to pull out closer to 200K in a refi. Anyone have ideas on how to get a cashout refi?
What was the reason for them not doing the cash out refinance? Was it due to the forbearance?
Yes, I have to wait 12 months after forbearance to do a cash out refi.
3 months seasoning is the required amount of time, but 12 months for a cash out must be a bank overlay with Umpqua.
Hey @Michael Ford are you saying that you have not been able to pay according to the terms of your original mortgage AND NOW you want to pull out 100% of your equity??
I dont want to sound mean, BUT if someone is not paying me like we agreed, I am NOT going to give them more money. Am I missing something??