Answers
a customer, if an the customer already has an existing line of credit open with the same bank but it has a zero balance? The problem being my brother who had my mother's POA opened a second home quity line of credit for our mother without closing the existing line of credit, therefore leaving two liens out there of the property. Was that legal for the bank to do so?
Yes, there are no limits to how many liens can be placed on a property.
Edit: If anything it would be more of an issue for the title company than the bank. But having 2,3, or even 4 liens isn't unheard of.
www.debtshepherd.com A recent magazine ad offered a home equity line of credit (HELOC) for financing a college education. Why is this a bad idea ...
National City Bank - Park Ridge Illinois, IL
Later my account went overdraft by $3.06 I never gave permission for overdraft. I was on retreat out of touch and nearly one month went by. They want $234 for that $3 overdraft! I paid them the $3.06 but they are still pursuing. The bank manager offered to give me the $10 they owe me from before if I pay the overdraft fees. I told her that if they finally pay what they owe me then my account will not register an overdraft because the payment should register from long before the overdraft. Later my account went overdraft by $3.06 I never gave permission for overdraft. I was on retreat out of touch and nearly one month went by. They want $234 for that $3 overdraft! I paid them the $3.06 but they...
News
Resolve to Manage Your Money Better in 2010 - Ten Ways to Get Started from the ...PR Newswire (press release) - Dec 30, 2009
List what you own - money in bank accounts and retirement plans, the value of stocks, bonds, investments and life insurance, the equity on your home and and more »BusinessWeek - Dec 29, 2009
24) ILLINOIS, the state whose credit rating was cut twice in early December, plans to sell $3.47 billion in taxable general- obligation bonds the first full and more »Chicago Sun-Times - Dec 26, 2009
Record-low mortgage rates, but many can't refinanceThe lender might refuse to subordinate, or if you have a line of credit, the lender might come back and say they'll subordinate the loan -- but only if you and more »Indianapolis Business Journal - Dec 30, 2009
Banks extended loans in hopes lost equity will soon reappear. Call it the year of living pessimistically. Or the year of living on a shoestring budget if and more »
Reuters - Dec 30, 2009
Special Report: America's route to recoveryFrom its peak in 2005 to the second quarter of 2009, US home equity fell 37 percent, or $4.7 trillion, according to the Federal Reserve. and more »
CNNMoney.com (press release) - Dec 19, 2009
Crain's Chicago BusinessAMCORE Financial, Inc. is headquartered in Northern Illinois and has banking assets of approximately $4.0 billion with 66 locations in Illinois and Amcore Financial: Survival plan banking on new fundsall 41 news articles »
Chicago Daily Herald - Dec 08, 2009
and would suspend advances on all existing credit lines, including new money advances on existing home equity loans and overdraft lines of credit. and more »