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#1753489 - 10/30/12 05:37 PM Mortgage w/Future Adv Clause - now Closed End
KTMiteComply Offline
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KTMiteComply
Joined: Jul 2007
Posts: 3,298
only if I want to....
I posted this in the State specific forum, but haven't got any hits yets...was wondering if anybody here might have an idea on this...

We have a loan that was a HELOC and a Mortgage with Future Advance Clause was used. Due to some hardships and the death of the husband, the customer had to payoff the HELOC and do a closed end 15 year Fixed Mtg. The Loan Officer pulled the HELOC Mortgage over from the previous file...is that acceptable since it has the Future Advance Clause in there? Shouldn't a new Mortgage without this clause as well as the husband's name removed have been done and recorded?

Thank you
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#1753517 - 10/30/12 06:21 PM Re: Mortgage w/Future Adv Clause - now Closed End KTMiteComply
HRH Okie Banker Offline
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Oklahoma
You should direct this question to your attorney, who would be privvy to the existing mortgage form, the new documents and the entire loan transaction.

I wasn't blowing you off, but have found out that so much revolves around not just the old mortgage but how the new note was worded/typed.
Last edited by Okie Banker; 10/30/12 06:22 PM. Reason: expanding
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#1753542 - 10/30/12 07:16 PM Re: Mortgage w/Future Adv Clause - now Closed End KTMiteComply
KTMiteComply Offline
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KTMiteComply
Joined: Jul 2007
Posts: 3,298
only if I want to....
I totally understand! Thanks so much!
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Trust in the Lord with ALL your heart...Prov 3:5-6

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