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Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: flyingby on December 15, 2017, 08:05:01 AM

Title: Refinanced HELOC: First One Never Closed
Post by: flyingby on December 15, 2017, 08:05:01 AM

I recently refinanced a zero balance HELOC to decrease rates (5.75->3.75) and two months later I've found that the first HELOC was never closed. I confirmed the new bank is in 3rd position by looking at the Land Records.

The new bank was 100% aware of the first HELOC. Their closing checklist had "Close HELOC" on it.

Can this create any negative problems for me?

Any thoughts on what I should do
1) Leave it as-is
2) Contact first bank to close HELOC
3) Contact second bank to tell them they've screwed up
4) Max out both HELOCs ($300k) and travel ;-)

Title: Re: Refinanced HELOC: First One Never Closed
Post by: nurseart on December 15, 2017, 08:17:55 AM

Clearly #4.

Otherwise probably #3 .