Legal Question in Real Estate Law in Florida
I have a line of credit with my house as collateral for $19,000 which is on default, my main mortgage balance with another bank is $285,000. Can the bank holding the line of credit start a foreclosure on my house.
Asked on 7/21/16, 11:13 am
2 Answers from Attorneys
David Slater
David P. Slater, Esq.
They can but won't, as first mortgage has priority in payment.
Answered on 7/21/16, 11:17 am
Barry Stein
De Cardenas, Freixas, Stein & Zachary
yes they can. if they get their judgment before your main mortgage gets their judgment than they can sell the house through the foreclosure.
Answered on 7/21/16, 12:11 pm
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