Statute of limitations on a HELOC?

[cityish]

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.

[Dan Bailey]

Hi cityish, and welcome to the forum. Moe or Cat will be by to answer your specific question as soon as they can.
Good luck with your process!

[Cat Damiano]

cityish,


Welcome to the forum and thank you for joining.........

For this question you would be best asking an attorney that is familiar with debt collection practices, foreclosure laws in your state, or deficiency judgements.............just to be sure that you have the most accurate information.