Legal Question in Real Estate Law in Florida

If you have gone into foreclosure on your home do you still have to pay the equity loan on the same property?


Asked on 10/20/10, 7:11 am

1 Answer from Attorneys
Shelly Schellenberg MI & FL private practice

Once you are in foreclosure (on the 1st loan) the 2nd loan is immaterial. The 2nd lender is notified of the 1st loan's foreclosure. Your credit is wrecked by the foreclosure, and you will be charged for the deficiency if you have any money, job or assets. The 2nd loan will be "wiped out" by the 1st loan's foreclosure, so why worry about paying that loan now?

Unless you are on the verge of bankruptcy, you need a real estate attorney to defend you in the foreclosure action. If you are on the verge of bankruptcy, you need a bankruptcy attorney.

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Answered on 10/25/10, 2:32 pm


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