Legal Question in Credit and Debt Law in Florida
Heloc
I was wondering if it would do me any good to pay my monthly payment on my HELOC if I can't afford my mortgage payment anyway. This will be the first month I have defaulted on my mortgage, and can afford to pay my HELOC, but just wondering if it would do any good anyway.
Asked on 11/09/08, 2:31 pm
1 Answer from Attorneys
Brent Rose
The Orsini & Rose Law Firm
Re: Heloc
The "first" mortgage will probably foreclose anyway. They don't care if you pay on the HELOC. But there are still good reasons to pay: 1) you may want to keep your credit a little higher, 2) you may be afraid the HELOC will foreclose faster, 3) the HELOC may garnish wages whereas the first mortgage may not, etc.
Answered on 11/09/08, 3:31 pm
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
