Posted on: 05th Nov, 2010 09:15 am
What happens to my HELOC if I do a deed in lieu with the 1st mortgage holder?
Hi Libby,
You will remain liable for paying off the HELOC. The lender will ask you to pay off the dues in full. If you do not pay off the dues, then the lender may charge off the account and sell it off to a collection agency who will contact you for the payment.
Thanks
You will remain liable for paying off the HELOC. The lender will ask you to pay off the dues in full. If you do not pay off the dues, then the lender may charge off the account and sell it off to a collection agency who will contact you for the payment.
Thanks