Home Equity Loan
Your home will foreclose What will happen to the balance you have on your equity line of credit obtained from?
My friend has a home equity line of credit and plans to foreclose on his home. Will he be responsible to pay for his line of credit afterwards or will that be considered a part of the foreclosure?
Public Comments
- The home owner is responsible in FULL for all mortgage and loan contracts made against the home . $$$$ received from the foreclosure sale will be deducted from his amount owed and they will be liable for the difference . EG : mortgage and heloc is $300K , foreclosure gets $200K , they will owe $100K still . >
