Six months ago, I took out a home equity line of credit on my residence, and I still owe $100,000. I am a permanent resident, but for family reasons, I have to return to France and will not be able to make my repayments. What will the consequences be?
If you fail to comply with the terms of your credit line, the lender will take legal action against you, possibly even seeking to have your home sold at auction. Your credit will, of course, be negatively affected.
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