Posted in Renting & Real Estate on 05/29/2009 08:44 pm by admin
thebuffettour asked:
When we went to refinance in order to take out more money (job loss) we told the mortgage company (biggest one in MI) that we had two mortgages. One was our main and the second was a Home Equity Line of Credit (that this same mortgage company brokered).
The concern was since home values had dropped if there would be any equity left in the home. The banker then came back and said that whenever the Line of Credit was sold from the original company to the second company it became a standard LOC, so we were able to refinance and get money.
The thing is we get interest paid forms for taxes so did the mortgage company make a mistake? How do we find out if the LOC is a Home Equity and if this company actually has a right to money if the house is sold?
JAMIE
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Tags: Equity Line Of Credit, Home Equity Line, Home Equity Line Of Credit, Home Equity Loc, Home Values, Job, Mistake, Money, Mortgage Company, Mortgages, Personal, Taxes
