Foreclosures Help Information

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Foreclosure Help Line

Question: Can you do a Deed-in-lieu of foreclosure if you have a home equity line of credit on your home?

I am considering the Deed in lieu of foreclosure option but I have a Home equity line of credit on my house. Is this something that can still be done? BTW I live in Florida if that has any bearing on the answer.
Thanks in advance for any advice

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Answer: Not absolutely certain about a "2nd" mortgage in Florida, but in most states, the line of credit will just be closed. And if you have a balance, the lender can come after you personally for repayment.

This sounds like an important question to you. I would suggest getting an answer from a Florida real estate attorney.

Good luck.

Foreclosure Prevention Helpline June 2008

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Bank Foreclosure Homes In Florida

Question: If you own two properties in Florida, can a bank go after your homestead if you default on the first loan?

I own a condo in Miami and due to foreclosures in the community properties are now selling for a quarter of what I paid originally and I do not see the light at the end of the tunnel. If I purchase a second home and defaulted or foreclosed on the first property (condo), can the condo bank go after my second property if it is my primary residence? What options do I have?

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Answer: Yes. Contact a lawyer ASAP

4 bed / 2 bath foreclosed home on 32318 Crest Lane Union City CA 94587

Buy Foreclosure From Bank

Question: I have heard that some banks are willing to buy you out of your home if you buy their foreclosure. Any truth?

I have heard that some banks for willing to buy you out of your home if you will buy one of their foreclosure's. Does anyone know if there is truth to this?

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Answer: No truth whatsoever. Lenders do not want to own real estate. Lending money is their business. They're not going to dump one property to only take on another.

How to Buy a Bank-Owned Home