Question for those of you with a HELOC

[Pacman]

When you received your HELOC, did you recieve a pink sheet from the city of Calgary from the Land Titles Act called "Caveat Forbidding Registration"?

From what I can tell, it looks like Alberta Treasury Branch registered the HELOC with the city?

I called the bank, and of course, they say it's all kosher.....but just want to see if anyone else got one.

Thanks
james

[max_boost]

Nope!

[turbotrip]

not that i remember

[Xtrema]

Do you have mortgage with ATB?

I would only see them doing this if your mortgage is with someone else.

It basically means you have caveat against your property and may have a bit more trouble selling until your HELOC @ ATB is fully paid off.

[Pacman]

Originally posted by Xtrema
Do you have mortgage with ATB?

I would only see them doing this if your mortgage is with someone else.

It basically means you have caveat against your property and may have a bit more trouble selling until your HELOC @ ATB is fully paid off.

I had a mortgage with ATB at the time I applied for the HELOC.

On the pink sheet, it says

"The principal sum now secured by the Mortgage registered as instrument number XXXXXX as herein amended is XXXX (amount of the mortage + the HELOC) being an increase of XXXX (amount of the HELOC) plus interest."

I'll go down to ATB tomorrow and see what they say.

[bignerd]

Its basically so you cannot take out another mortgage, lots of lenders have policies against second mortgages being placed on the property.

The other way banks do this is by registering their mortgage on title for the full value of your home, even though your mortgage may only be 60% of what the home is worth.