Quote:
Originally Posted by Tron_fdc
So if I sell my rental (used a HELOC to buy it) does that mean that my Heloc will no longer exist?
I was looking forward to selling it and spending 200k in Vegas......
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Is the HELOC secured by the rental or by some other piece of real estate, like your personal residence?
If the HELOC is secured by your rental, to lawyer will have to pay of the HELOC from the proceeds of sale before you get your money. On the other hand, if the HELOC is secured by some other property, it isn't affected, and you can spend the proceeds of your sale on any bacchanalia you want.