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Sub2 with HELOC

Posted by: rehabber7
Posted on : 5/30/2017 8:17:18 PM

Would you buy a house subject to the existing mortgage if that existing mortgage were a HELOC. For example: Seller paid off their house a few years ago. Then they set up a HELOC in first position with the house as collateral. Would you buy it subject to the HELOC? It seems like the sellers could still make draws against the credit line even after the transfer of title.

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Re:Sub2 with HELOC

Posted by: WilliamGA Still Master of ALL I Survey
Posted on : 5/31/2017 11:37:34 AM

Have done this several times and is simple to do.

Have the seller close out the HELOC or "lock" it. The bank should give them something in writing to the effect that this has been done.

Once you have that, take over payments on the HELOC and you are good to go. Make sure the seller understands that if they should try and unlock it later that you will still own the house and any problems that might result would be on their credit.

William Tingle
www.Sub2Deals.com

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Re:Sub2 with HELOC

Posted by: rehabber7
Posted on : 6/1/2017 8:41:41 PM

thx

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