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Updated almost 8 years ago on . Most recent reply

Alex Stepanov's profile image
Alex Stepanov's profile image
Alex Stepanov
  • Investor
  • from San Jose, California
  • Member since Apr 16, 2015
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38
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3
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Alex Stepanov's profile image
Alex Stepanov's profile image
Alex Stepanov
  • Investor
  • from San Jose, California
  • Member since Apr 16, 2015
Connect
Alex Stepanov
  • Investor
  • San Jose, CA
3
Votes |
38
Posts
Private Lending & Conventional Mortgage Advice

Converting from HELOC to conventional mortgage

Alex Stepanov
  • Investor
  • San Jose, CA
Posted

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

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