Skip to content
GeoDataVision
Thread Options
#2264606 - 01/11/22 08:21 PM HELOC
SallyGirl Offline
Member
Joined: Aug 2014
Posts: 72
We have an existing HELOC customer who wants to change the title on the property to an LLC. Should the HELOC be refinanced as a business LOC in the name of the LLC?

Return to Top
Lending Compliance
#2264608 - 01/11/22 08:32 PM Re: HELOC SallyGirl
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,965
Bloomington, IN
If our borrower (consumer) will remain the same and the only thing changing is the title to the property we would do a modification after the request went through the proper approval process.

If the LLC will become the borrower then we would refinance due to the cancellation/termination restrictions in the consumer HELOC agreement.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#2264609 - 01/11/22 08:43 PM Re: HELOC SallyGirl
SallyGirl Offline
Member
Joined: Aug 2014
Posts: 72
Thank you Dan .

Return to Top

Moderator:  Andy_Z