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Updated almost 8 years ago on . Most recent reply
Converting from HELOC to conventional mortgage
Greetings everyone!
We have a borrower with HELOC on hands and the loan matures in about a year. The borrower would agree to modify the loan as long as the payment stays roughly the same but I am not sure if such modification would be allowed - switching from LOC to a fixed mortgage? Would it be considered "mod" or origination of a new loan? Any advice is very much appreciated.
Cheers
Alex