Answer:
The recording of security interests is a state law issue, and this is a question for your legal counsel.
First published on BankersOnline.com 8/02/10
Refinancing a HELOC
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Question:
We have a HELOC with the borrower's personal residence securing the loan. Since we can not renew a HELOC that has reached maturity, we are in the process of refinancing for another term. Can we modify the existing deed to extend the maturity or is it necessary to record a brand new deed?
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