Ok two things, you guys are talking about a home equity line of credit or (HELOC) which is a revoling line like a credit card, you can draw from it, it also has a revolving rate based on prime. A home equity Loan, which is what she says see has is a loan its a fixed amount of money paid over a fixed amunt of time, similar to a second mortgage. Also very important if either the Home Equity loan or the HELOC is in second position meaning you have a primary mortgage, no they can not foreclouse on the property, under any circumstance, its in second position, if the primary is paid on time the other lein can not force a foreclouser, you can not have your home taken from you for not paying a second lein EVER!!! Thats a general misconception. Just look into if you have either a line of credit or a loan. If you have any other questions please feel free to send me a message.
at 10:57 PM on Feb. 16, 2010