Anyone secured a HELOC ?

Has anybody with a brownstone succeeded in securing a Home Equity Line of Credit without removing the security bars from their home? If so, which bank did you use? I know this has been addressed before, but I’m looking for a success story and the bank that granted the loan. TD and Peoples United Bank both want them removed or replaced with ones that open. Before I take those steps, I thought I’d ask the chorus. Thanks in advance.

a4gash

in Appraisals 13 years and 7 months ago

6

Please log in, in order to post replies!

6 replies

Newest Oldest

aaravkmr | 13 years and 7 months ago

string(1) "1"
object(WP_User)#4941 (8) {
  ["data"]=>
  object(stdClass)#4929 (12) {
    ["ID"]=>
    string(6) "179528"
    ["user_login"]=>
    string(8) "aaravkmr"
    ["user_pass"]=>
    string(34) "$P$B03OhBSJW3St2VEeDQnr3d8SDmSdXY0"
    ["user_nicename"]=>
    string(8) "aaravkmr"
    ["user_email"]=>
    string(21) "aaravkmr391@gmail.com"
    ["user_url"]=>
    string(23) "/forums/users/aaravkmr/"
    ["user_registered"]=>
    string(19) "2013-07-02 19:38:22"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(8) "aaravkmr"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(179528)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

I expect it WOULD negatively impact your FICO, but it really depends on several other factors. Revolving debt like credit cards is more significant than secured debt. Also there is apparently something about the way that Credit One reports to the credit bureaus that make them very unpopular with the FICO watchers. http://www.aussieoxford.co.uk“>cleaning companies in oxford

lenny163 | 13 years and 7 months ago

string(1) "1"
object(WP_User)#4940 (8) {
  ["data"]=>
  object(stdClass)#4939 (12) {
    ["ID"]=>
    string(6) "179527"
    ["user_login"]=>
    string(8) "lenny163"
    ["user_pass"]=>
    string(34) "$P$BRzBw4ieesrJC8uSIULj6WoZGzvMxT/"
    ["user_nicename"]=>
    string(8) "lenny163"
    ["user_email"]=>
    string(16) "jamroc@gmail.com"
    ["user_url"]=>
    string(50) "http://bstoner.wpengine.com/forums/users/lenny163/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:42:09"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(8) "lenny163"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(179527)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

I live in park slope and secured one through Bank of America several years ago, and security bars were not an issue…

brickstone | 13 years and 7 months ago

string(1) "1"
object(WP_User)#4936 (8) {
  ["data"]=>
  object(stdClass)#4942 (12) {
    ["ID"]=>
    string(4) "5502"
    ["user_login"]=>
    string(10) "brickstone"
    ["user_pass"]=>
    string(0) ""
    ["user_nicename"]=>
    string(10) "brickstone"
    ["user_email"]=>
    string(24) "jeffrey.seibel@gmail.com"
    ["user_url"]=>
    string(25) "/forums/users/brickstone/"
    ["user_registered"]=>
    string(19) "2007-12-03 04:03:04"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(10) "brickstone"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(5502)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Got a HELOC from TD Bank in March without any issue being raised about ground floor bars.

maj2010 | 13 years and 7 months ago

string(1) "1"
object(WP_User)#4941 (8) {
  ["data"]=>
  object(stdClass)#4943 (12) {
    ["ID"]=>
    string(4) "8687"
    ["user_login"]=>
    string(7) "maj2010"
    ["user_pass"]=>
    string(34) "$P$BPhT6FvV4VXXQzD2OSLOPpeRsUHh5g/"
    ["user_nicename"]=>
    string(7) "maj2010"
    ["user_email"]=>
    string(18) "mmmmaris@yahoo.com"
    ["user_url"]=>
    string(49) "http://bstoner.wpengine.com/forums/users/maj2010/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:14:41"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(7) "maj2010"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(8687)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

I did a re-fi not too long ago and had to deal with this question and was successful in making no changes to the iron bars.  My first approach was to assure the lender that my home complied with NYC fire code, which requires two exits on the ground floor if there are bars on the window – which I have.  When that didn’t work, I asked the lender to send me the applicable NYC building or fire code so that I could ensure that the work done by the contractor would satisify it.  I never heard back on this point and got the re-fi.l

levicapland | 13 years and 7 months ago

string(1) "1"
object(WP_User)#4940 (8) {
  ["data"]=>
  object(stdClass)#4944 (12) {
    ["ID"]=>
    string(5) "55581"
    ["user_login"]=>
    string(11) "levicapland"
    ["user_pass"]=>
    string(0) ""
    ["user_nicename"]=>
    string(11) "levicapland"
    ["user_email"]=>
    string(18) "lcapland@gmail.com"
    ["user_url"]=>
    string(26) "/forums/users/levicapland/"
    ["user_registered"]=>
    string(19) "2010-06-10 20:49:58"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(11) "levicapland"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(55581)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

I thought the word HELOC was no longer existent. Levi Capland
SoHo Appliances

Arkady | 13 years and 7 months ago

string(1) "1"
object(WP_User)#4936 (8) {
  ["data"]=>
  object(stdClass)#4945 (12) {
    ["ID"]=>
    string(5) "14677"
    ["user_login"]=>
    string(6) "Arkady"
    ["user_pass"]=>
    string(34) "$P$BSLpIhH1FLNbV2Qdpb/F67tu7brrgw1"
    ["user_nicename"]=>
    string(6) "Arkady"
    ["user_email"]=>
    string(20) "rkdillon@verizon.net"
    ["user_url"]=>
    string(21) "/forums/users/arkady/"
    ["user_registered"]=>
    string(19) "2008-08-04 21:50:38"
    ["user_activation_key"]=>
    string(20) "HL9P1Plx6tnm1l8GiJvd"
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(6) "Arkady"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(14677)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

A good iron worker can modify your existing iron so that it opens.  A neighbor of mine did that in order to comply.