HELOC and foreclosure
Posted by Jen on July 19, 2007 at 16:16:17:
I would like to know what the law is on HELOC in the state of Minnesota when the HELOC was not used to purchase the house. I need to know if it is more like a credit card where I pay on the account and they will just close the account after the foreclosure process or do I stop paying on the HELOC and have them come after me after the redemption period is over. Do they issue a 1099 or would they do a DJ or both? Thanks!