what happens to my HELOC loan balance if my home go into foreclose?

Hi raretreasures,

You will still be liable for the HELOC. If the sale of the property cannot satisfy the mortgage payments of HELOC, the lender will ask you to pay it off. If you cannot pay it, the lender may charge off the loan and a collection agency will collect the dues from you.

Can anyone specify what is HELOC?

Hi Sunil!

Home Equity Line of Credit is a second loan which a borrower can get depending upon the equity that he/she has in the property.

Sussane