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#2039193 - 09/17/15 07:41 PM HELOC renewal-line increase, add husband
Bec Offline
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Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
At renewal for a HELOC on a second home, the customer would like to increase the line and add her husband. The husband would not sign the mortgage but he is signing the note, wouldn't this technically satisfy and replace the current note with a new note and therefore not be a renewal anymore?
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#2039196 - 09/17/15 08:01 PM Re: HELOC renewal-line increase, add husband Bec
rlcarey Offline
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rlcarey
Joined: Jul 2001
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Galveston, TX
What difference does it make whether or not if it is a renewal???
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#2039200 - 09/17/15 08:11 PM Re: HELOC renewal-line increase, add husband Bec
Bec Offline
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Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
I see, it doesn't make a difference is what you are saying. Well is it something that can be done? We wouldn't need rescission because it is on a second home, but the adding of the spouse is throwing me.
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#2039215 - 09/17/15 08:50 PM Re: HELOC renewal-line increase, add husband Bec
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 80,341
Galveston, TX
It is just a new plan, nothing more, nothing less.
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#2039225 - 09/17/15 08:57 PM Re: HELOC renewal-line increase, add husband Bec
Bec Offline
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Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
Okay thanks!
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