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

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Guest	Posted: Mon Nov 15, 2010 4:58 pm    Post subject: What are tax consequences on default on home equity line of Like 0 Dislike 0 What are tax consequences on Illinois for defaulting on home equity line of credit? Thanks
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Nov 15, 2010 9:07 pm    Post subject: Like 0 Dislike 0 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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