Legal Question in Credit and Debt Law in Florida

Foreclosure and Home equity line of credit
My husband and I have a house in Florida that has been on the market for a year and seven months. We have a mortgage with one lender and a home equity line with another. We have the house listed at a price that would cover the mortgage and equity line if it sold. The way property values are declining who knows what it is worth. We relocated to GA and own the house we are living in.
If the house in FL were to go into foreclosure what happens with the home equity line?

Asked on 7/25/08, 9:52 pm

Scott Riddle Law Office of Scott B. Riddle, LLC

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Re: Foreclosure and Home equity line of credit

You are obligated to pay your debts acording to the contracts you signed. I am not sure what you are looking for beyond that.

Answered on 7/26/08, 5:49 am

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