CofO/HELOC Clarification
Thanks to all for your comments on previous post. To clarify: House has a CofO as legal 2 family. We renovated into a one family and removed second kitchen. Applied for HELOC as a one, foolishly told appraiser when he called that we had one kitchen. Loan denied due to conflict between CofO and no….
Thanks to all for your comments on previous post. To clarify: House has a CofO as legal 2 family. We renovated into a one family and removed second kitchen. Applied for HELOC as a one, foolishly told appraiser when he called that we had one kitchen. Loan denied due to conflict between CofO and no. of kitchens/description.
Question: Any use in going back to bank and changing description to 2 Family? What to do about kitchen situation? Will we have to put kitchen back eventually to sell? Have refinaced twice since renovation w/o problems (pre-meltdown!)
Adam Dahill…would appreciate your contact info!
I have 2 HELOC options if you want to discuss it. I don’t do a ton of HELOCS (the big banks have the market cornered) but I’ll look into it if you want.
Adam M. Dahill
WCS Lending LLC
660 Madison Avenue, 12th Floor
New York, NY 10065
212-351-8020 office
adahill@wcslending.com
NMLS ID: 66099
I had the same problem but I think you are going about it incorrectly. I also am in a 2fam that was renovated to a 1fam with no change to c of o (but I have plumbing for a 2nd kitchen). The thing is, it is cheaper to finance a 1 fam than a 2 fam. So you want to try the opposite approach, tell the bank it’s a 2fam being used as a 1fam and you can prove it cuz you only have one kitchen!
In my case I leaned on the appraiser to prove it was an actual 1 fam, and she did.
Try another bank.