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mbett wrote:
> We are trying to refi our house and we have a equity line of credit
> with Irwin Equity. They are telling us that we can't refi our 1st
> mortgage.
>
> With the refinanced amount, we will pay off the Equity line of credit
> down to $0.
>
> Can they legally do that?
>
> mbett
In many areas first trust deed to record is first in line (and second
is second etc). When you pay off your 1st, your 2nd HELOC becomes the
1st. Your refi becomes a 2nd. You could contact Irwin Equity and see
if they will subordinate the HELOC to 2nd position after the refi
(rather than having you cancel it). This isn't uncommon.
Good Luck to You
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Re: A Question on Home Equity Line
