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loriv · Joined: 12 Jul 2010 Posts: 1 1.00 Dollars($)

Will my lien be lifted on my property if I use a heloc to pay it off? I want to purchase another home.

greg3 · Posted: Mon Jul 12, 2010 8:20 am Post subject:

NO, because a HELOC is secured to the property and is another lien. You can purchase another home and still have a lien on your primary residence if you qualify.

Guest

Thanks Greg. My heloc has a low 2.99 rate. I only owe 57,000 on home. But, I need to purchase this condo soon as I don't want this particular unit to be sold. I know homes usually stay on market for 90-100 days here in MD. Second homes or investment properties often have higher interest rates. Just wanted to get rid of the lien and call the condo my primary residence.

greg3 · Posted: Mon Jul 12, 2010 8:39 am Post subject:

FYI, a lien is not what determines if it's your primary residence. Even with no lien, if you are living in it, it's still your primary residence regardless and if you purchase another property under the guise that it's your primary; that is mortgage fraud.

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paying off a mortgage with a heloc to eliminate the lien

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