I don’t get it, what do you mean by “dumping the heloc?” At this point he can’t roll it into a single loan at the lower rate, that is evident by what he wrote and the advice. The advice to pay down the heloc faster, seems good advice to me, since rolling it is out of the question.
Do you mean for him to not pay the heloc? You said they wont foreclose, the hell they wont. Helocs can and will foreclose, even if the primary loan is current. That’s the deal with helocs, it’s collateral is the house. If they choose to not foreclose because it will wipe them out after the first is paid, then they can and will rack fees and interest and credit hits while you dont pay them. This guy was looking to maximize his situation, get a good rate, not take was isn’t his, there’s no mention of “I can’t afford to pay.”
