I bought a home, took out a HELOC to renovate and paid all of that off when I sold.

Don't forget the rent was paid to your buddy and probably is more than the interest on his HELOC.

Although "double dip" is the term du jour these days, I have a hard time calling it a double dip because I don't believe the economic numbers have ever been all that rosy since 2007.If people were using CC's and HELOC's to live and spend beyond their means then we are in for a LONG time of lowered spending = less profits and subsequently less jobs; It's a simple formula.Jobs is the real issue, and job losses are ultimately derived from lost profits - which are going to remain stagnate.

The high NW individuals (wall street banker) are not the only ones to blame for seeking profits in CC's and HELOC's - it's also our education system and our parents who don't instill financial responsibility so that people know not to spend too much on CC's, etc.

Others "spent their house" with cash out refis and HELOCs.

Purchasing 3rd Rental unit (50k 1br/1ba short sale)own a rental house free and clear (about 100k), but plan on selling it in a year or two.... rental w/ 60% Loan-Value (190k-115k)have about a 70% Loan-Value (243k-345k) on primary..So I can't get 50k HELOC without going over 80%Can't get HELOC on investment except Wells Fargo.. but high fees and cancel feesCould do regular loan on rental, but hate to pay 2500 in fees when selling in a year or two...Other Ideas?

Thanks guys, your input is always appreciated.Has anyone ever dealt with Discover/Morgan Stanley HELOC's?

The 1st loan is now listed as "paid for less then full amount", but the 2nd (HELOC from Chase) is now asking me to pay the original HELOC amount of $47,000, even though they have already released the loan and the property is no longer mine.Chase did inform me before we finished the short sale that I would sitll owe the total amount of the HELOC even though they would be releasing the lien, but since I live in a non-recouse state and the HELOC was all purchase money (used to pay off original 2nd mortgage, as the HELOC had a lower interest rate), I was under the impression that worst-case scenario, they would issue me a 1099 and I would be liable for taxes.Should I just ignore their efforts and hope it is charged off, or is it in my best interest to try and negotiate a very low payoff with them (we would not be able to pay much)?

This was done with my HELOC (leveraged funds).

They have a first mortgage with Bank of America for about $240,000 and a HELOC with National City Bank for around $90,000.