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

What are tax consequences on Illinois for defaulting on home equity line of credit? Thanks

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.


Like | Dislike | Share | Posted: Mon, 11/15/2010 - 20:07

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