Legal Question in Real Estate Law in Florida

I owe more than my property is worth. (1st loan 110,000 credit union, HELOC 24,000 same credit union) Property value: 110,000. I have already got a loan modification and passed the trial period. They didn't include the HELOC in the modification. Since both loans are from the same bank. what happen if I stop paying the HELOC?

I am currently unemployed and I am hardly paying the 1st loan. I would appreciate your advice. Sincerely.

Asked on 5/03/10, 3:17 pm

1 Answer from Attorneys

The first thing to do is go back to the credit union and discuss the situation with them. If you can't work out a solution, contact the The Florida Bar:

Help for homeowners -

The Florida Attorneys Saving Homes (FASH) program is continuing its efforts to help homeowners who are under threat of losing their homes and is currently recruiting pro bono attorneys who will work with the local circuit mediation programs to represent eligible homeowners in foreclosure mediation.

If you are at risk of going into foreclosure, you are encouraged to contact your local FREE housing counselor for assistance. The lists of local FREE housing counseling offices can be found at the following Internet sites: the US Housing and Urban Development approved housing counseling agencies or The NeighborWorks National Foreclosure Mitigation Counseling Program. If you have already been served with a foreclosure Summons and Complaint by a sheriff's deputy or process server, it is extremely important that you contact your local legal aid office IMMEDIATELY. Your local legal aid office can be found at website under "Find Local Assistance" at the top of that web page. You may also want to contact The Florida Bar Lawyer Referral Service for a referral to an attorney for a low fee consultation ( 1-800-342-8011 ).

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Answered on 5/10/10, 7:16 am

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