Find the best financial services for you at: SMARTFINANCESOLUTIONS.NET - Do I still Have to pay my H.E.L.O.C. after my house is auctioned off? - My home will be auctioned off in next month by the bank. We have a H.E.L.O.C for our second trustee. Will we still have to pay this off. Someone told me the only way to get rid of it is to file bankruptcy.