A Real Estate Attorney Describes HELOC Loans & One Action Rule

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. These loans are generally not protected by anti deficiency statutes.

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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