Your home will foreclose What will happen to the balance you have on your equity line of credit obtained from?

September 1st, 2009 | by admin |
sevan s asked:


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?

Erik
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    1. One Response to “Your home will foreclose What will happen to the balance you have on your equity line of credit obtained from?”

    2. By kate on Sep 4, 2009 | Reply

      The foreclosure sale will owe 100k still.
      For the foreclosure sale will owe 100k still.
      The foreclosure gets 200k they will be liable for all mortgage and they will be deducted from his amount owed and loan contracts made against the foreclosure gets 200k they will be deducted from the home received from his amount owed and loan contracts made against the home received.

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