"Borrower's Instruction to Suspend and Close Equity Line of Credit | |
Lender:[Name of Lender] | |
Borrower(s):[Name of Borrower(s)] | |
Account Number of the Equity Line of Credit:[Account Number] | |
Encumbered Property Address:[Property Address] | |
Escrow or Settlement Agent:[Name of Agent]: | |
In connection with a sale or refinance of the above-referenced property, my Escrow or Settlement Agent has requested a payoff demand statement for the above-described equity line of credit. I understand my ability to use this equity line of credit has been suspended for at least 30 days to accommodate this pending transaction. I understand that I cannot use any credit cards, debit cards, or checks associated with this equity line of credit while it is suspended and all amounts will be due and payable upon close of escrow. I also understand that when payment is made in accordance with the payoff demand statement, my equity line of credit will be closed. If any amounts remain due after the payment is made, I understand I will remain personally liable for those amounts even if the equity line of credit has been closed and the property released. | |
This is my written authorization and instruction that you are to close my equity line of credit and cause the secured lien against this property to be released when you are in receipt of both this instruction and payment in accordance with your payoff demand statement. | |
(Date) | (Signature of Each Borrower)" |
Ca. Civ. Code § 2943.1