QuestionGuy101
Junior Member
What is the name of your state (only U.S. law)? California
My friend is in deep financial problem. He may have no choice but to let the lender foreclose his rental property. But he has a credit line that he needs to renew every year. He is worried that the foreclosure will drop his credit score so low that he will not be able to renew the credit line. The foreclosed property has nothing to do with the credit line though.
So is it possible that the lender will not renew the credit line because of the foreclosure? Noted that he still owes money on this credit line. Will the lender refuse to renew the credit line and call back the loan, even if he has been making payment on time, because of a foreclosure on a unrelated property?
My friend is in deep financial problem. He may have no choice but to let the lender foreclose his rental property. But he has a credit line that he needs to renew every year. He is worried that the foreclosure will drop his credit score so low that he will not be able to renew the credit line. The foreclosed property has nothing to do with the credit line though.
So is it possible that the lender will not renew the credit line because of the foreclosure? Noted that he still owes money on this credit line. Will the lender refuse to renew the credit line and call back the loan, even if he has been making payment on time, because of a foreclosure on a unrelated property?