From: Rick -
Hi
Thanks everyone for the informative posts.
I've only just discovered this forum and the amount of knowledge that is given freely on it.
There is no such thing as a dumb question so here goes.
After a recent re-financing I've found I have a line of credit account still open with a small positive balance. This LOC was previously used as the deposit on an IP (30K). The original property used to draw the equity down for this LOC is now with the new financial institution.
1. Has the bank already cut of the supply of credit to this account?
2. If I ask them will it wake them up and allow them to cut off the supply?
3. Should I just try using the account as another deposit to find out?
Thanks
Rick
Hi
Thanks everyone for the informative posts.
I've only just discovered this forum and the amount of knowledge that is given freely on it.
There is no such thing as a dumb question so here goes.
After a recent re-financing I've found I have a line of credit account still open with a small positive balance. This LOC was previously used as the deposit on an IP (30K). The original property used to draw the equity down for this LOC is now with the new financial institution.
1. Has the bank already cut of the supply of credit to this account?
2. If I ask them will it wake them up and allow them to cut off the supply?
3. Should I just try using the account as another deposit to find out?
Thanks
Rick
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