HELOC/open end payoff, satisfaction, reconveyance.....

When you find an "open end" or line of credit/HELOC mortgage on record in a title search, you really need proceed carefully.  Most important is to freeze the account when you get your payoff letter.  You need to stop the moving money target.  There are some lenders who refuse to put a freeze on these accounts so your post closing payoff procedure can include a few extra steps to eliminate risk. 

HELOC/open end payoff, satisfaction, reconveyance.....

When you find an "open end" or line of credit/HELOC mortgage on record in a title search, you really need proceed carefully.  Most important is to freeze the account when you get your payoff letter.  You need to stop the moving money target.  There are some lenders who refuse to put a freeze on these accounts so your post closing payoff procedure can include a few extra steps to eliminate risk. 

query via e-mail: unsatisfied HELOC

For instance I have a crazy situation where a borrower had a second and when the settlement happened the second was paid off and a new HELOC opened, but the old one was never closed, and even after calling the bank, Chase they did not close it. So the borrower used it and has been paying on it for over a year. Of course he is now in trouble financially. The problem is the new HELOC went into

query via e-mail: unsatisfied HELOC

For instance I have a crazy situation where a borrower had a second and when the settlement happened the second was paid off and a new HELOC opened, but the old one was never closed, and even after calling the bank, Chase they did not close it. So the borrower used it and has been paying on it for over a year. Of course he is now in trouble financially. The problem is the new HELOC went into