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#469331 - 12/12/05 10:47 PM Converting HELOC
Jan94 Offline
Platinum Poster
Joined: Mar 2001
Posts: 828
USA
Bank is converting open-end HELOC to closed-end amortized loan and would like to know if they will have to record a new deed of trust or modification or can they rely on the current DOT? My understanding is that this is a matter of state law and the bank is located in Tennessee. Would appreciate any thoughts.

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#469332 - 12/13/05 02:52 PM Re: Converting HELOC
OnTheEdge Offline
Diamond Poster
Joined: Apr 2002
Posts: 1,677
SmallTown, USA
My understanding......there is a specific Deed of Trust for HELOC transactions. I'd say you'd need a new one.
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