Thread Starter: Anonymous
Title: Re: Stipulations on home equity?
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If a home is in need of a major repair-- can we stipulate that the funds from the home equity (currently in underwriting) be used for that home repair? If the borrower applied for $140,000 and the cost of a new roof would be $40,000, can we require that the $40,000 be paid to the roofer?
Or, would we need to decline the loan due to insufficient collateral? The appraised value is there-- but we have major concerns about the repairs that are needed.
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