Skip to content
BOL Conferences Top Gun 23
Thread Options
#2138248 - 07/14/17 09:22 PM Land that is part of homestead securing HELOC
Bec Offline
Diamond Poster
Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
Lender would like to provide the borrower with a HELOC. The collateral is listed as vacant land on the title work, he says that land is part of the homestead. Can this be a HELOC?
I have seen the guidance that if the parcel without the house is part of the homestead, the we can make home equity loan secured by it. Further, that if we HAVE to consider this type of loan a Home Equity loan.
This guidance appears to be from 2009, I just want to make sure if someone out there would concur with that guidance or if its bullocks.
_________________________
Go Packers

Return to Top
Lending Compliance
#2138259 - 07/14/17 10:08 PM Re: Land that is part of homestead securing HELOC Bec
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 80,359
Galveston, TX
This sounds like a State law issue as it would have nothing to do with Federal regulation. It would be a line of credit secured by bare land as there is no consumer dwelling involved.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top

Moderator:  Andy_Z