What to do about an HELOC whose term is up?
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What to do about an HELOC whose term is up?
My mother had a HELOC on her home and the term was 10 years. She just found out 2 months ago that the 10 year span was over 4 years ago. They sent her a bill in 3 months ago for the full amount. She has been offered a loan modification but does it matter that they did not address this 4 years ago?
Asked on November 19, 2012 under Real Estate Law, Ohio
Answers:
eric redman / Redman Ludwig, P.C.
Answered 12 years ago | Contributor
she owes the money and they can foreclose. if she can modify it , that is a good thing and she should do it, assuming she wants to keep the property
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