Asked in Foreclosure for Florida

Q: How can I use a HELOC to save my home from foreclosure? I’m Florida

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2 Lawyer Answers
James Clifton
PREMIUM
James Clifton
Answered
  • Foreclosure Defense Lawyer
  • Fayetteville, GA
  • Licensed in Florida

A: The only way a HELOC may save your home from foreclosure is if you can borrow enough to pay the delinquency on your primary mortgage and reinstate the loan. However, if you are late enough on your primary mortgage to be in foreclosure, the likelihood of a lender giving you additional funds in the form of a HELOC is almost zero. If you are currently in foreclosure or foreclosure is imminent, an attorney can help you create a plan to modify the loan, sell the house and capture equity, or file bankruptcy to get rid of unsecured debt, among many other options. Feel free to reach out to me for a free consultation.

Liu "Margaret" Yang agrees with this answer

Liu "Margaret" Yang
Liu "Margaret" Yang
Answered
  • Foreclosure Defense Lawyer
  • Plantation, FL
  • Licensed in Florida

A: Is the HELOC in foreclosure? Do you already have a HELOC? Is it the first mortgage foreclosing, or the HOA?

If you have enough equity in the home, a HELOC may be able to help.

That said, if you've been served foreclosure papers, consult with an attorney ASAP. You don't want to risk being defaulted.

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