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#1778330 - 01/21/13 03:36 PM lien status - home improvement
donnac Offline
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Joined: Feb 2003
Posts: 624
For home improvement loans, I know that I need to report the address of the property being improved (property 1), even it if it secured by a different property (property 2).

When I report the lien status for this scenario, do I report the lien status as "3" (not secured by a lien)since the loan isn't secured by the property that I'm reporting (property 1)?

Or,

Do I report the lien status of "1" since it's secured by a 1st lien on a different property (property 2)?

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#1778331 - 01/21/13 03:42 PM Re: lien status - home improvement donnac
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
It is based on the lien status of the mortgage you are taking:

For every originated loan, report whether the loan is secured by a first or subordinate lien on a dwelling or is not secured by a dwelling.
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#1778334 - 01/21/13 03:57 PM Re: lien status - home improvement rlcarey
donnac Offline
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Joined: Feb 2003
Posts: 624
Thanks.

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