Updated almost 5 years ago on . Most recent reply
HELOC on Owner Financing
Hello,
I just closed on an owner financed deal. I took title at closing and put 25% down and signed a promissory note to the seller for the remaining balance. I am wondering, if I approached a lender would I be able to take a HELOC on this property or would the promissory note prevent that.
Most Popular Reply
@Joshua Klempner
You have to take your credit, title seasoning, loan to value, and occupancy status into Consideration.
There may be language in your note That their shall not be a second Junior lien position, but if you bought from the homeowner I doubt they had that language in there.