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re: Wells Fargo suspends new HELOC loans

Posted on 12/5/23 at 6:44 pm to
Posted by tgrbaitn08
Member since Dec 2007
146214 posts
Posted on 12/5/23 at 6:44 pm to
quote:

I have an outstanding balance of a HELOC (renovations), but my home is paid off. What implications would that have.


They’ll put a lien on it and recoup what you owe them plus interest once you sell.

They don’t want your house. Taking a house actually cost banks money once they take them. They’d rather you incur the expense in paying the insurance, taxes, maintenance plus commissions.

They just want your money.

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