Thread Starter: Dan Persfull
Title: Re: Stipulations on home equity?
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We have had this situation a few times. Since we cannot control how advances are used once the HELOC is closed we stipulate the needed repairs have to be made before a HELOC will be granted.
We usually end up doing a temporary loan for the cost of the repairs and we control the advances. Once the repairs are complete and pass inspection we will close the HELOC and pay off the temporary loan.
And I second Randy's comment. Simply because the collateral value is sufficient "as is" does not mean the collateral is acceptable "as is".
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