Alan Goldhammer directed me to a very interesting article on the Texas housing market : A cash-out refinance is a mortgage taken out for a higher balance than the one on an existing loan, net of fees. Across the nation, cash-outs became ubiquitous during the mortgage boom, as skyrocketing house prices made it possible for homeowners, even those with bad credit, to use their home equity like an ATM.

Foreclosure News

Comments

comments

Leave a Reply

Your email address will not be published. Required fields are marked *