Sep

1

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

Filed Under mortgage 

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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    • Comments

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

    1. kate on September 4th, 2009 3:00 pm

      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.