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What Happens to a HELOC in Case of Default or Foreclosure?
If you can no longer pay your first mortgage, your HELOC lender may be able to recoup some of their money via short sale or foreclosure. However, it’s rarely as simple as “turning in the keys.” This in-depth article explores the financial consequences of HELOC foreclosures and short sales. It also analyzes five possible scenarios for [...] [...more]