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Author: WotPeed Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127777  
Subject: Re: Reconveyance letter Date: 12/19/2012 1:20 PM
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As you currently have a HELOC with PNC, I would guess the old HELOC was actually closed with the other bank, as PNC would probably not issue a HELOC in the 3rd position.

The "lineage" of the HELOCs is a little complicated:

~2003: Open small HELOC with The Provident Bank
~2004: Provident Bank purchased by National City Bank
~2005: Loan officer from NatCity contacts me and says they can extend the line of credit to a higher amount at no cost to me. In reality this involved paying off the first loan and opening a new HELOC. Now it appears the first HELOC was changed to "paid/inactive" but never actually closed. The new HELOC is my current loan.
~2008: PNC purchases NatCity

The title company you have now for this new refinance of the 1st mortgage is doing some clean up. It's not uncommen for a loan to be paid off and closed but the lien not released as a public record.

I must say I'm glad this cleanup is taking place. It's a little unsettling to have old liens on my house floating around, even if they're paid off. It seems that if enough time goes by it would be harder to straighten out those details down the road, especially given the various mergers and purchases between banks.
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