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When refinancing a junior lien to the Relief Refinance Mortgage, does the HELOC limit have to be reduced if the full amount of the loan was not drawn?

April 26, 2017HELOC Junior lien limit loan mortgage reduced Refinance refinancing relief

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When refinancing a junior lien to the Relief Refinance Mortgage, does the HELOC limit have to be reduced if the full amount of the loan was not drawn?

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No. The UPB of the new junior lien cannot be more than the UPB, at the time of payoff, of the junior lien being refinanced, however, the limit is not required to be adjusted downward.