Posted By: SallyGirl

HELOC - 01/11/22 08:21 PM

We have an existing HELOC customer who wants to change the title on the property to an LLC. Should the HELOC be refinanced as a business LOC in the name of the LLC?
Posted By: Dan Persfull

Re: HELOC - 01/11/22 08:32 PM

If our borrower (consumer) will remain the same and the only thing changing is the title to the property we would do a modification after the request went through the proper approval process.

If the LLC will become the borrower then we would refinance due to the cancellation/termination restrictions in the consumer HELOC agreement.
Posted By: SallyGirl

Re: HELOC - 01/11/22 08:43 PM

Thank you Dan .