Not sure of my source, but I just read something yesterday about how some lenders giving HELOCs can call the loan anytime they wish, for whatever reason.
That info was an eye-opener for me...
So, in your case, it might be prudent to ask your owner for the documentation related to the HELOC and read it from one end to the other. Probably one of those boring but essential tasks?
[ Edited by blueboy7882 on Date 01/21/2006 ]
Yes you will need to list it on your list of debt. Taht all you will be fine.
Not sure of my source, but I just read something yesterday about how some lenders giving HELOCs can call the loan anytime they wish, for whatever reason.
That info was an eye-opener for me...
So, in your case, it might be prudent to ask your owner for the documentation related to the HELOC and read it from one end to the other. Probably one of those boring but essential tasks?
Did he explian why it would be a title nightmare????
DITO