Answers
My husband and I have a house that is in his name only that we are going to do a "Deed in Lieu of Foreclosure" on. I don't want my credit to be affected. We have a home equity line of credit on this house that is in both of our names, and I don't want to default on. Can I continue to make payments as normal on the home equity line? I thought I read somewhere that if I lose the house, the total amount on the home equity line will become immediately due, but I'm not sure. Also, I live in Michigan.
The lender will not do a deed in lieu with a second lien attached to the property i.e. your home equity loan since the deed in lieu will not wipe out the second lien holder interest in the property, the first lender would take the property with the second lien still in place, so in your case short sale where all lien holders agree or official judicial foreclosure by the first lien holder in order to wipe out the second
Also note: home equity is a recourse loan, so no matter what you are personally liable for the loan amount if you default
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The math involves a federal government tax credit of 30 percent of the system cost. The remainder of the cost was covered with a home equity line of credit.