Posted on: 15th Nov, 2010 03:58 pm
What are tax consequences on Illinois for defaulting on home equity line of credit? Thanks
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
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