Home Equity Draw Period

Posted By: Adam Parrott

Home Equity Draw Period - 03/12/19 06:04 PM

I have a borrower that wants to cancel the draw period for the last year due to wanting to pay the loan down and also because he doesn't want his wife to draw on it anymore. Can he do that or will it take both of them to be able to do that?

-Adam Parrott
Posted By: rlcarey

Re: Home Equity Draw Period - 03/12/19 06:06 PM

It would require a written modification - which usually means all parties to the transaction must agree.