QUESTION
What is the SOL for a bank to try to collect on a line of credit?
Asked on May 06th, 2014 on Collections - Florida
More details to this question:
I stopped paying on an secured line of credit in 2009 and have not made any payments since then. Can the bank still sue me for that debt. The line was attached to a condo that was repoed and that case is now closed.
1 ANSWER
Consumer Debt Collector Harassment & Abuse Attorney serving Tampa, FL
Partner at
Tischhauser Law Group
2 Awards
a HELOC is essentially a second mortgage. The answer is, "who the hell knows" as the appellate courts are continually making horrible rulings allowing banks repeated accellerations and do overs regarding enforcement of mortgages. Properly it should be a 5 year period under Fla. Stat. 95.11. If you have questions and would like a FREE consultation, simply contact our office at 1-800-922-6442.
Answered on May 07th, 2014 at 9:07 AM
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