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#1107063 - 01/07/09 08:43 PM HELOC for Home Titled Under LP
sky01 Offline
New Poster
Joined: Mar 2007
Posts: 11
We have an applicant for a $100K HELOC. Everything seems fine, however the home is titled under an LP owned by the borrower. Can this loan be done with title reflecting as such, and what additional steps need to be taken? We are located in California. Thanks!

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Lending Compliance
#1107270 - 01/08/09 12:00 PM Re: HELOC for Home Titled Under LP sky01
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,364
Galveston, TX
Your asking a question that should be directed to your attorney.
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#1107796 - 01/08/09 07:38 PM Re: HELOC for Home Titled Under LP rlcarey
sky01 Offline
New Poster
Joined: Mar 2007
Posts: 11
Agreed. We did do just that. We were advised that the loan can be done as is, but the loan would not have rescission rights under Reg Z.

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