HELOC Loans and One Action Rule Explained
- 5 hours ago
- 1 min read
Special Episode 3, Short 5
A home equity line of credit, or HELOC, is a loan taken after buying a home that lets the homeowner borrow against equity for expenses like cars, credit card debt, or travel.
In California, the one action rule limits a lender to either foreclosing or suing for repayment, and in most cases, lenders choose foreclosure, which can affect how HELOC debt is treated depending on the situation.
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