Legal Question in Real Estate Law in Florida

I currently own a home in Florida which is worth a little less than what I owe on the primary mortgage. I also have a home equity loan on the property. If I need to sell the house at a short or the house gets foreclosed on what happens to home equity loan.


Asked on 8/08/11, 8:47 am

1 Answer from Attorneys
Stephen Orchard Law Offices of Stephen Orchard

A recent trend for home equity lines of credit or other types of second mortgages is to simply skip the foreclosure process altogether and just sue based upon the contract (promissory note or equity line agreement).

I strongly suggest that you consult with an attorney who can determine the best path for you. It may be best to pursue a short sale with both the first and second mortgage holders and address both claims at one time. Your other option could be bankruptcy, it may be the least expensive and most efficient option depending on your circumstances.

I would welcome your call. You have options but you should start taking immediate steps to resolve your matter.

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Answered on 8/08/11, 9:02 am


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