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Do lenders still offer HELOCs for New York City co-op apartments?

April 26, 2017apartments Co-op HELOCs lenders new york new york city Offer

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Do lenders still offer HELOCs for New York City co-op apartments?

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To my knowledge the banking laws in New York State were revised to to say that HELOC’s are now illegal. As well most loan docs are now stipulating that the borrower cannot accept a 2nd loan without the permission of the lender in First position and if this happens that 2nd loan is illegal. That second lender will not be able to colllect on that debt and will not be allowed to even start a foreclosure action.