Question by RogerE: When refinancing a mortgage does the home equity line of credit get refinanced also?
My fiancee’s ex got the house and the mortgage in their divorce a few years ago. Since then, he has gone delinquent on the payments and therefore screwed up her credit also. She hasn’t quit claimed the house to him yet because he owes her money from the refinance which he hadn’t started up to this time. Now, they are working on a refinance with him. The mortgage, with Waukovia, is now owned by Wells Fargo because of a merger. Also, there is a home equity line of credit from Waukovia for improvements to the house years ago. My question is, can Wells Fargo refinance the mortgage without also including (or writing off) the home equity line, which, by the way, they have closed to him because he was behind on those payments also.
Best answer:
Answer by Steve D
Yes…those are two separate transactions, so the refinance can hit the first mortgage or both.
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