Borrowed money

[greentea]

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[anniewalker]

Ask your attorney if you have to disclose it as cash, since it is a loan it is not only cash, but also debt.  It may be a wash.

If I wanted to be super safe, I'd go ahead and pay it back on the HELOC.  You can always take it out again later if you need / want.  Is it a Home Equity Line of Credit or a Home Equity Loan?  If it's a HELOC then you can use it like a checking account, right?  If it is a loan then you might have paid closing costs and such that you can't get back so it'd be kind of silly to turn right around and close it out...

Another question, why haven't you put the money into an investment, yet?  Have you considered opening a Sharebuilder account and investing in something VERY safe with LOW risk until the drama is over?

Be safe, ask your attorney.

[anniewalker]

www.sharebuilder.com

It is an investing site (like eTrade or Scottrade).  I have some stocks through them.  The commissions are low and the tools are easy to use. It is not for someone who has never invested - I have a degree in Finance.  If not, I'd say get a financial advisor like someone at Morgan Stanley - Dean Witter.

Yep it's a HELOC but we're selling the house and all the money has to be paid back after the sale of the house.

OK... if you are selling the home, then the HELOC would be counted the same as any equity in the home.  If you were to give her $2,000 of the HELOC money, then that should be deducted from her share of the home sale's proceeds.  All in all, I think it'd be a cleaner mess to clean up if the HELOC were simply closed. 

[chill]

I'd take it out and pay some of the my bills with this.