Oh Crap!

[Maestro]

Well, my wife and I have been diligently talking over some remodeling work and adding on a great new patio for the past few months. We finally decide to do it. We get a great contractor and I call the financial with whom I do most of my business. I was getting the money through a home improvement loan. To make a long story short, I found out just today that I have second lien on my house to my surprise because when I refinanced I was told that taking out my mortgage insurance and placing in a second mortgage would be beneficial because I could pay it off sooner instead of having rolled up in my 30 year mortgage. At the time I told the lady doing the re-fi for us that I didn't want to do that if it meant a second lien. She said it wasn't. It was simply a another loan from a second institution. Wrong!

The lady did that portion of the re-fi as an equity loan without my knowledge. In the state of Texas you can only have one equity loan. So consequently, I am SOL! :mad: The only way my wife and I can do the $30,000 worth of work is with a personal loan. And I really wanted to take advantage of the tax benefits. Gawd! I am pissed! It's my fault really. I just assumed I wouldn't get screwed. What an idiot I was!

Oh well, I can afford the personal loan payments but man what a bitch!

Thanks for the rant. On the bright side, if I do this, the house will look fantastic with new cabinetry in the office, a new patio and arbor, a fully networked house with four computers, new kitchen appliances, etc...And instead of having to pay on it for 15 years, it will be just 8 with the personal loan (at a higher monthly though.)