HELOC failure

[Joe Boggin]

what happens if you have been making the interest only payments on a HELOC for 10 years and then life throws a curve ball? lets say over the course of 10 years you lost your job and you cant afford what the payments have ballooned to after the interest only payments ceased. what happens? the bank takes the property that secured the loan? if it is a rental property that secured the loan, will they go after your primary or just the rental?

[Franklin Romine]

@Joe Boggin

  I hope you are not creating a scenario in your head, trying to talk yourself out of a deal.  Investing long term in real estate is like finding a good women.  Lets say you find a nice lady you want to be with, potentially get married too.  There are all sorts of worse case scenarios I can create in my mind to not make a commitment. 

Frank