0
Generally, the lender will sue you in court and obtain a judgment lien. The lender can use the lien to take possession of any property you own to satisfy the debt. If the line of credit is an equity credit line mortgage, the lender can take possession of your property by foreclosure. Finally, your credit will be ruined.
What else can I help you with?
What is credit and what is debt?
Credit is having a certain amount of money available on a pre-approved line. Debt is what happens when you use that line of credit and have to repay the money with interest. It is better to save up the money and pay cash or use debit
What happens when paying off an equity line of credit?
Nothing happens when you pay of an equity line of credit. The equity that you used for your line of credit is now safe.
Can you explain what the term "credit access line" means?
A credit access line is a predetermined amount of money that a borrower can access from a line of credit, similar to a credit card. This line of credit allows the borrower to borrow money up to the specified limit, and they can use and repay the funds as needed.
How does the GE Creditline compare to other credit cards?
GE Creditline is just like most other credit cards. The interest can be 29% depending on your credit history. There are several fees if you do not repay the line of credit on time.
How is a line of credit different from other types of loans?
A line of credit is a flexible loan that allows you to borrow money up to a certain limit, repay it, and borrow again. Unlike traditional loans where you receive a lump sum upfront, a line of credit gives you ongoing access to funds as needed.
What is credit and what is debt?
Credit is having a certain amount of money available on a pre-approved line. Debt is what happens when you use that line of credit and have to repay the money with interest. It is better to save up the money and pay cash or use debit
What is the best way to repay a home equity line of credit?
As fast as you possibly can.
What happens when paying off an equity line of credit?
Nothing happens when you pay of an equity line of credit. The equity that you used for your line of credit is now safe.
Can you explain what the term "credit access line" means?
A credit access line is a predetermined amount of money that a borrower can access from a line of credit, similar to a credit card. This line of credit allows the borrower to borrow money up to the specified limit, and they can use and repay the funds as needed.
Can a bank take your personal property if you can not repay a line of credit?
Yes if it is charged to the bank. Otherwise through legal proceedings.
How does the GE Creditline compare to other credit cards?
GE Creditline is just like most other credit cards. The interest can be 29% depending on your credit history. There are several fees if you do not repay the line of credit on time.
How is a line of credit different from other types of loans?
A line of credit is a flexible loan that allows you to borrow money up to a certain limit, repay it, and borrow again. Unlike traditional loans where you receive a lump sum upfront, a line of credit gives you ongoing access to funds as needed.
Can you use checking line of credit pay off credit cards?
Yes, you can use a checking line of credit to pay off credit cards, as it provides you with a revolving credit option. However, it's important to consider the interest rates and terms associated with the line of credit compared to your credit cards. If the line of credit has a lower interest rate, it could be a beneficial strategy to reduce overall debt costs. Always ensure that you have a plan to repay the line of credit to avoid accruing more debt.
What is the difference between a loan and a line of credit?
A loan is a lump sum of money borrowed upfront and repaid in fixed installments over time, while a line of credit is a revolving credit account that allows you to borrow money up to a certain limit and repay it as needed.
How do you repay a Home Equity Line of Credit (HELOC)?
To repay a Home Equity Line of Credit (HELOC), you need to make regular monthly payments that include both the principal amount borrowed and the interest accrued. The repayment period typically lasts for a set number of years, during which you must make consistent payments to pay off the balance.
What is the difference between a line of credit and a loan?
A line of credit is a flexible borrowing arrangement where you can access funds up to a certain limit, repay, and borrow again. A loan is a fixed amount of money borrowed upfront, with set repayment terms.
What happens after you request a free credit report on line?
You get a free credit report online just make sure its trusted
