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#586036 - 07/20/06 01:01 PM HELOC proceeds to purchase residence
MackenzieS Offline
Diamond Poster
MackenzieS
Joined: Jul 2002
Posts: 1,722
Oklahoma
Has anyone heard of the restriction that prohibits a customer from using the proceeds of a HELOC to purchase a residence? It is stated in our Credit Agreement, but I'm not sure where the source of this restriction comes from. Any help would be greatly appreciated.

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#586037 - 07/20/06 01:51 PM Re: HELOC proceeds to purchase residence
Seeker Offline
100 Club
Joined: Feb 2004
Posts: 118
Oklahoma
You might check web page
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Opinions mine alone

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#586038 - 07/20/06 03:26 PM Re: HELOC proceeds to purchase residence
MackenzieS Offline
Diamond Poster
MackenzieS
Joined: Jul 2002
Posts: 1,722
Oklahoma
I'm not getting very far with that web page. I have tons of documents from the UCCC and I'm just not being able to put my finger on it.

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#586039 - 07/20/06 05:26 PM Re: HELOC proceeds to purchase residence
Seeker Offline
100 Club
Joined: Feb 2004
Posts: 118
Oklahoma
Sorry I can't be of more help. I have not heard of the issue and am in compliance in Oklahoma. If anyone knows more, I hope they'll post a reply.
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Opinions mine alone

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#586040 - 07/20/06 07:28 PM Re: HELOC proceeds to purchase residence
MackenzieS Offline
Diamond Poster
MackenzieS
Joined: Jul 2002
Posts: 1,722
Oklahoma
We use Harland (Laser Pro) for Loan documentation and the language defaults into the Credit Agreement when a HELOC is being prepared. Of course we can't quite seem to squeeze it out of Harland what statutes they are relying on for putting this restrictive language in the form. All they will say is that Oklahoma and Louisiana have the same restriction.

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