Hi All, I just had an escrow cancel because my clients "home equity line of credit" got cancelled due to decreasing values in their neighborhood. If you have an investor/buyer using their HELOC for a downpayment you may want to suggest they take the money out and put into different account. If they put it into an ING account temporarily, they will still come out in the black. Once the money is out of the HELOC account and into a different account, they are safe.
Realty One Group Cascadia - Vancouver, WA
Homes for Sale Vancouver Washington
REISA - 317-663-4173 - Indianapolis, IN
Need to be careful on this one. It is crossing the line when using borrowed funds for a downpayment.
In today's enviroment this can only lead to trouble.
Tony
Jul 08, 2008 01:49 PM
RE/MAX Gold - Midtown - Sacramento, CA
Broker Associate
Tony- I called several lenders, and according to them (and who am I to argue), it's not improper.
Jul 08, 2008 01:57 PM
Preferred Home Brokers - Brea, CA
Broker Associate ,CRS,GRI,SRES, Brea,CA, Orange Co
Hi Cari,
I've hard of HELOC'S being frozen all over the place. It's happening in a lot of places, especially some of the really big ones. I know of several who've had them in the $250,000 range, they're toast.
Jul 08, 2008 02:08 PM
Lyon Real Estate - Davis, CA
Ca Real Estate
I have buyers scheduled to close within the next week using the money from a HELOC I have mentioned this a couple of times but they haven't wanted to move the money out. Thanks for the IMG recommendation, I will use that next time. I'm still keeping my fingers crossed for a couple more days that their line of credit does not get frozen.
Jul 08, 2008 02:20 PM
Charter 1 Real Estate, Hilton Head, Bluffton, SC - Hilton Head Island, SC
Westbrook Realty Broker-Owner - Grand Rapids, MI
Westbrook Realty - Grand Rapids Forest Hills MI Re
eXp Realty LLC - Tigard, OR
Principle Broker Oregon
Oh, this is good to know as I do have a client doing this here in about 3 weeks. I will have them place it in their savings on Monday, thanks for the warning.
Aug 04, 2008 02:43 PM
RE/MAX Gold - Midtown - Sacramento, CA
Broker Associate
Rainmaker
43,301
43,301
Cari Hendricks
Broker Associate
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Real Estate Resources
Yolo County Real Estate Information. Sacramento Area Real Estate Information. Placer County Real Estate Information. Foreclosures in the Sacramento Valley.
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