Hi, I am in foreclosure and I am researching how this will affect me.
I live in Florida. I have a primary mortgage that will probably be mostly paid off in the foreclosure auction; and a home equity line of credit with a separate lender, which probably will get screwed.
I see that the statute of limitations in Florida is four years for open-ended debt (credit cards is what that means, I guess).
Would the HELOC fall into that category? In other words if I didn't get sued within four years of defaulting on the HELOC, legally I would be in the clear?
I am trying to avoid having to file a bankruptcy but I am afraid of getting a judgment or getting my wages garnished. I do not earn a lot of money ($38k or so) and the HELOC balance is $30k. I have no assets other than an old car that is paid off. I also have massive credit card debts ($20k or so) which I have had to default on due to my medical bills.
I'm just mainly wondering if there would be a four year statute of limitations on the HELOC default. Thanks for any input.