HELOC Declined Because of a Lien on Your Home?

A title search turns up something, and the application stops. Whether that is the end of the road depends entirely on what kind of lien it is — and some of them are not even real anymore.

Sort the lien first. A voluntary lien — another mortgage, an existing HELOC, a home equity loan, solar financing — usually causes a decline because the lender will not take a lower position; this program will take second or third, so a different lender often solves it. An involuntary lien — a judgment, a tax lien, a contractor's mechanics lien — generally has to be paid, settled or released before or at closing, and no lender changes that. A third category, a lien that was paid but never released, is fixed with paperwork.

The three kinds of lien, and what each needs

What turned upKindWhat usually has to happen
Existing HELOC or home equity loanVoluntaryFind a lender that will go behind it, or pay it off with the new line
Solar loan UCC filing or PACE assessmentVoluntaryThis program lends behind both; the balance counts toward equity
Seller-carry or private second mortgageVoluntaryLend behind it in third position, or retire it
Court judgmentInvoluntaryPay, settle or otherwise resolve before or at closing
Federal or state tax lienInvoluntaryPay, arrange a release, or resolve with the taxing authority
Mechanics lien from a contractorInvoluntaryPay the claim or get it released or bonded off
A lien you already paidStaleGet the recorded release or satisfaction from the old creditor

When a different lender actually helps

If the decline letter says the lender "does not lend behind" another loan, or cites your combined loan-to-value with an existing line, that is a position problem. It is specific to that lender's guidelines. This program will lend in second or third position, behind existing lines, home equity loans, solar financing and PACE assessments, so the same file can get a different answer without anything about the property changing.

Many of these declines happen to self-employed borrowers twice over — once for the lien and once for income, because the tax return did not show enough. The income side here is 12 months of deposits, so neither reason carries over.

When it does not

Judgments, tax liens and mechanics liens are claims someone else has against the property. A home equity lender will not fund with one of those unresolved ahead of it, and a new lender cannot make one disappear. Depending on the lien and the amount, it is sometimes paid off at closing, and it is worth a conversation to see whether the line itself can be structured to do that. What is never worth doing is applying at five more lenders hoping one misses it; the title search will not.

Finding liens before a lender does

Common questions

Can a HELOC pay off a judgment lien at closing?

Sometimes, depending on the lien, the amount and the file. It is a question to raise before applying rather than after the title report comes back.

I paid off a loan years ago but it still shows as a lien. What now?

Ask the old lender or its successor for a recorded release or satisfaction of mortgage. It is paperwork, not a credit problem, but it has to be done before closing.

Does a solar loan count as a lien?

It can. A loan secured by a UCC fixture filing or a recorded mortgage shows up on title; an unsecured loan or a lease does not. This program lends behind secured solar financing.

Will applying again hurt my credit?

Pre-qualification here uses a soft pull, which does not affect your score. A hard pull happens only if you proceed to a full application.

Keep reading

Not sure which kind of lien you have?

Tell us what the title search turned up. You will know in one call whether a different lender solves it — before any hard pull.

See My Options → Or call Korbin directly: (949) 751-1870