What are tax consequences on default on home equity line of credit

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Post Posted: Mon Nov 15, 2010 4:58 pm    Post subject: What are tax consequences on default on home equity line of
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What are tax consequences on Illinois for defaulting on home equity line of credit? Thanks
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smith.sussane




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Post Posted: Mon Nov 15, 2010 9:07 pm    Post subject:
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Hi Guest!

Welcome to forums!

If you default on your home equity line of credit (HELOC), then the lender can charge off the account and sell it to a collection agency who can contact you for the dues. This will have a negative affect on your credit. Apart from this, I don't think you'll be facing any tax consequences.

Feel free to ask if you've further queries.

Sussane
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