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lien removal and replacement (1 viewing) (1) Guest
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TOPIC: lien removal and replacement
#7633
Brian (User)
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lien removal and replacement 6 Years, 11 Months ago Karma: 1  
Client has a lien from a family member in the amount of $50k on his house (which is worth $500k) and wants to have the lien discharges so that he can get a home equity line of credit and then have the family loan lien reinstated on the house.

I have tried to just subordinate the original lien, but the bank will not do that. Recommendations?
 
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#7768
Mark (User)
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Re:lien removal and replacement 6 Years, 10 Months ago Karma: 3  
Try discharging the original lien. Note, that when you discharge the original lien make sure that you state that the Payee reserves the right to reinstate the lien. Then apply for the line of credit and then reinstate the family lien. Its more work, but if the bank will not allow the family lien to be subordinated, then your only choice is to discharge and reinstate the family loan.

Hope that helps.
 
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