BE IN THE KNOW:
When the market crashed many people had HELOC's or Lines Of Credit, and most of them were frozen, However, most were never removed from the property. The homeowner does not even realize they are still attached and need to be released.
This is not a big issue, but some homeowners are caught off guard when they see these on there Preliminary Title Reports!
Have you experienced this yet.
If not, you may, be prepared, and feel confident in your answer.
Some homeowners are even shocked to know that their limit was arbitrarily raised every other year. Kind of Ironic, don't you think?
Moral of story, know it a possibility, and make sure your clients understand they may need to sign a Credit Freeze Authorization for the HELOC.
Best Wishes,
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