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  1. #1
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    Sep 2011
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    Default Statute of Limitations on a HELOC After Foreclosure

    My question involves collection proceedings in the State of: Florida

    My home foreclosed and I had a Home Equity line of Credit which remained unpaid after the foreclosure sale. This loan became an unsecured debt as the collateral was liquidated in foreclosure. Is this debt considered a written contract or an open ended account and what would be the Statue of Limitations on collecting this debt.

  2. #2
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    Default Re: Statute of Limitations on a HELOC After Foreclosure

    From what you have told us I would expect the five year limitations period to apply, under Florida Statutes Sec. 95.11(2)(b), as "A legal or equitable action on a contract, obligation, or liability founded on a written instrument...".

  3. #3
    Join Date
    Sep 2011
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    7

    Default Re: Statute of Limitations on a HELOC After Foreclosure

    Thanks for your answer, I did some research on this loan, it was not a purchase money loan it was a Home Equity Line of Credit. From my understanding this type of loan is an open ended account paid as a revolving debt just like a credit card. If this is correct would that change the SOL in Florida?

  4. #4
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    Default Re: Statute of Limitations on a HELOC After Foreclosure

    It is not correct, and thus would not change the statute of limitations.

  5. #5
    Join Date
    Sep 2010
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    9,907

    Default Re: Statute of Limitations on a HELOC After Foreclosure

    They can pursue the deficiency for 5 years from the date of the foreclosure sale.

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