6225 to apply for your CU SoCal Home Equity Loan or Line of Credit. Repaying a HELOC is similar to repaying the debt you accrue on a credit card: you will only repay the amount that you borrowed from your credit limit.Payoff requests should be faxed to 847-932-8266. Obtain a Release of Lien: After you've made the final payment, request a release of lien from Bank of America. There are a variety of ways to pay off a home equity agreement (HEA). We examine the options available during our HEA's 10-year term. A homestead declaration protects your home's equity from both to forced and voluntary sales of the property. A home equity line of credit (HELOC) provides easy, ongoing access to cash for remodeling or landscaping your home, or consolidating debt - whatever you need. The purpose of the letter is to describe why the borrower may not be able to make their mortgage, car loan, or other debt payments. Borrowers can apply, lock in a rate and receive a commitment letter within one day.