Equaty line of credit -- unable to pay -- consequences ?

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Srikanth_r5
Member since: Feb 04

Posts: 2
Location:
Post ID: #PID

Posted on: 12-06-10 01:51:22

Hello Friends,

My friend has borrowed equality line of credit from bank. Now he is not in a position to pay it back, he needs some time to pay for it (like few months) as he lost his job.

Will the bank give him some options ?
Normally what action does the bank can take ?

Any information is appreciated.

lali
Member since: Apr 05

Posts: 173
Location: Toronto
Post ID: #PID

Posted on: 12-06-10 08:09:09

Hi Srikanth_r5

Check your PM.

-----------------------------------------------------------------
Best regards

Lali

JRF
Member since: Jul 04

Posts: 1853
Location: GTA, Ontario
Post ID: #PID

Posted on: 12-06-10 08:52:52

You mean he is not able to pay the interest back or principle. Most banks require are OK with just paying interest on HELOC. Talk to the bank, they will have lot of options.

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The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM

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Equaty line of credit -- unable to pay -- consequences ?

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