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#2029941 - 07/27/15 07:19 PM Modify HELOC to increase loan amount
tryin2comply Offline
Member
Joined: Jun 2013
Posts: 90
Is anyone aware of any Kentucky law that would prohibit a bank from modifying a HELOC to increase the amount of the loan? ROR would obviously come in to play. Any thoughts? Thanks!

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#2030300 - 07/28/15 08:13 PM Re: Modify HELOC to increase loan amount tryin2comply
tuma Offline
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Joined: Feb 2003
Posts: 368
Here & There
Only 2 things I can think of:
1) When filing a Mortgage Modification with the County Clerk; the additional monies may not have the same lien position if another lien has been filed since the original date.
2) If the current mortgagors are different now (due to death, divorce, marriage or transfer of ownership), it could really mess up your standing in the event of foreclosure or bankruptcy.

I suppose an updated title search may take care of these. This would be a good question for an attorney.

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#2030326 - 07/28/15 09:06 PM Re: Modify HELOC to increase loan amount tryin2comply
tryin2comply Offline
Member
Joined: Jun 2013
Posts: 90
Thanks for the input!

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