getting new loan with less then a year on old

[equislee]

My refi loan was a diseaster and I want to get a new loan with 30000 cash out I have over 70000 in equity in my home but the problem is that the current mortgage I have less then a year of payments, I was all ready on one loan with Quicken until they discovered I had less then a year of payments to this company even though I have been in my home for 20 years. I really need to refi/equity this loan out and soon---does anybody know how I should progress/what company/what type of loan should I be looking for?

[sr28b]

Twelve months is a magic number in the mortgage business. After twelve months your lien is considered "seasoned" and fewer restrictions apply. Many lenders have 6 months, 3 month, or even 'no seasoning' requirements, although as a general practice there must be a 'net tangible benefit' to borrower to refinance the loan.

I don't know if your previous and/or prospective loan is covered under HOEPA, but the following prohibition applies: CAN NOT "refinance a HOEPA loan into another HOEPA loan within the first 12 months of origination, unless the new loan is in the borrower's best interest"

Hope this helps.

[equislee]

The refi was for an ungodly 16% interest and the terms were horrible--the mortgage company did a good job of "hiding" information about this until the closing and by then I needed the money to pay off some debts that I had already promised to pay off--so I didn't feel like I could back out. But think I can get a much better situation if I look around. Wouldn't this be considered in the borrowers best interest?

[sr28b]

True, true - but your loan is certainly considered covered under HOEPA.