We have a Home Equity LOC and the 24 month interest only period is about to expire. We want to continue to pay interest for an additional 24 months. The bank has approved it, but they are not sure if they have to do a new loan
or if they can modify and extend the existing one. There is a small amount of money unfunded, but we probably won't need it. The bank is ok with us paying interest only, just not sure of the mechanics.
The bank should contact its attorney to get guidance on how to proceed. There should be nothing to prevent the bank from doing a modification to the current mortgage note, but they should be seeking legal advice to ensure that whatever it does, it does correctly.
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The bank should contact its attorney to get guidance on how to proceed. There should be nothing to prevent the bank from doing a modification to the current 