MND Q&A

Papa's house put into irrev. trust for me. House has 1st and HELOC. Is HELOC a personal loan?

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HELOC was to him. Do I have to pay HELOC?


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Yes, the HELOC is against the property, recorded as a second mortgage, and must be paid. If not, you’ll be foreclosed – the Trust will not prevent that. Suggest you consult a lawyer (perhaps the one who drew up the Irrev. Trust).

JR, Esq.

Answered 12 months ago
jdr
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