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You are here: Home / Real Estate Laws / CA Real Estate Laws 2015: Borrower can request suspension of home equity line during escrow

CA Real Estate Laws 2015: Borrower can request suspension of home equity line during escrow

February 24, 2015

New for 2015! CA Real Estate Laws: Borrower can request suspension of home equity line during escrow

If a borrower has a home equity line of credit (HELOC) secured by a lien on his or her house, the HELOC loan is supposed to be closed and not drawn on during the sale or refinancing of the house.

If the lender fails to close the HELOC during escrow and money is drawn on, the underlying lien and loan may become the debt of the innocent buyer. This law facilitates the seller’s/borrower’s request for suspension of home equity line of credit by creating a form for the seller/borrower to sign in escrow, the ultimate purpose being to avoid the mistake of drawing upon a HELOC during the escrow or immediately following the sale of the house.  See Civil Code §2943.1.

This is part of our series about new 2015 California Real Estate laws. Click here to see the series. 

Filed Under: Real Estate Laws Tagged With: Real Estate Tips, Southern California Real Estate

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Danny Murphy & Associates

With more than 15 years of Southern California Real Estate experience, Danny is an expert in his field.

Looking to sell your home? Call Danny today to see how our industry leading marketing and exceptional negotiating skills can help you get more for your more.
(949) 413-6967
Danny@TheSoCalLife.com

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Homes for Sale in Orange County:

Aliso Viejo
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Costa Mesa
Fountain Valley
Huntington Beach
Irvine
Laguna Niguel
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Orange
Orange County
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Villa Park
This information is based on information from the Association of Realtors/Multiple Listing as of the date the AOR/MLS data
was obtained and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS.
The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.


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