Does anyone successfully obtain approval of a HELOC loan without deficiency clause ? The seller offered some cash contribution in exchange for deficiency clause removal but BOA refused. The supervisor said no exception for HELOC loan.
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HELOCs are different than mortgages. We always explain to sellers before we even list their properties that HELOCs are different. The only time you have a chance with a HELOC is if it is taken out to avoid MI on the onset of the purchase of the property. If sellers get HELOCs, ieL ATM machines- the first thing the creditor looks at is the credit report to try to find out what they spent that money on. We have lots of people here who used those to purchase other properties. So why would the bank remove a deficiency? What incentive is there? On HELOCs they can be charged off and then sold on the the open market to scum bag collection companies for 20 cents on the dollar.
I'm doing my first HELOC with BofA. I just got the counter and I was hoping someone could help me to understand it. On the Worksheet BofA "cash contribution from seller $5000". A few lines below it says "promisary note amount $5000." Does this mean they just want a promisary note for $5000 or do they want $10000?
HELOCs are different than mortgages. We always explain to sellers before we even list their properties that HELOCs are different. The only time you have a chance with a HELOC is if it is taken out to avoid MI on the onset of the purchase of the property. If sellers get HELOCs, ieL ATM machines- the first thing the creditor looks at is the credit report to try to find out what they spent that money on. We have lots of people here who used those to purchase other properties. So why would the bank remove a deficiency? What incentive is there? On HELOCs they can be charged off and then sold on the the open market to scum bag collection companies for 20 cents on the dollar.
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