Did your New Home come with someone else’s Home Equity Loan?

Don Huff of Capital title explains a problem in some states where existing home sales come with a special gift. The open home equity loan from the last homeowner. Electronic payoff funds are now normally transferred to the home equity line of credit account holder. Although, the documentation to close the home equity line account is mailed separately then getting lost and the account remains open. Creating a lien on your new home from the previous homeowner, watch this video to hear about what he testified in front of the State of Michigan House Financial Services Committee.

Did your New Home come with someone else’s Home Equity Loan?

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