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Updated over 2 years ago on . Most recent reply

User Stats

13
Posts
4
Votes
Kailas Tare
  • Rental Property Investor
  • Milford MA
4
Votes |
13
Posts

Two HELOCs on primary home

Kailas Tare
  • Rental Property Investor
  • Milford MA
Posted

I am in a situation where I am looking for some advice. I took a HELOC on my primary home few years back from bank #1. Earlier this year I took another HELOC from bank #2 and during the application I disclosed about first HELOC. Bank #2 said they will payoff the balance on 1st and transfer that on new HELOC. This is all done but now my HELOC in bank #1 is still active.

I thought bank #2 will somehow tell bank #1 to close the line of credit. However this has not happened. My question is shall I continue to use both HELOC lines or is it somehow not legal?

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