random HELOC question/hypothetical

[Jeff Burdick]

Hypothetical: Say you have a property worth 100K. You have an owner occupied 30 year fixed first mortgage that you owe 70K and have access to, but are not currently using a HELOC for 10K.

Then the housing market crashes and the house is now worth 70K or even 60K.  

Do you still have access to that 10K of HELOC even though it puts you up-side-down?  

[Chris Mason]

It's up to the HELOC lender, but typically one would expect them to cut off the lines of credit.