Skip to content
BOL Conferences
Thread Options
#1750539 - 10/18/12 09:11 PM Purchase Money Interest
countrytink Offline
Junior Member
Joined: Feb 2004
Posts: 48
Illinois
Scenario: Doing a 1st mortgage purchase, AND a 2nd mtg home equity loan on same property at the same time. Is the 2nd mtg HELOC considered a purchase money security interest? All fees are being shown on the 1st mortgage loan.

Return to Top
Lending Compliance
#1750559 - 10/18/12 10:12 PM Re: Purchase Money Interest countrytink
MyScamper Offline
Gold Star
Joined: May 2006
Posts: 452
Between here and there
I believe any draw on the HELOC that constitutes part of the home purchase is considered a purchase money security interest and as such would not be subjet to RTC. However, any further draws on the HELOC would be rescindable, so you need to consider that.

Return to Top

Moderator:  Andy_Z