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  1. #1
    Join Date
    Sep 2011
    Posts
    7

    Default Status of a Home Equity Line of Credit Concerning the Statute of Limitations

    I did some research on 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 this type of loan be characterized as a "open ended account" and not a "written contract" in determining the Statue of Limitations in Florida?

  2. #2
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: Status of a Home Equity Line of Credit Concerning the Statute of Limitations

    Neither really applies. The home equity LOC is really a mortgage. Presumably you're talking about the limitations period for a deficiency action after the foreclosure. It's five years from the date of the foreclosure sale.

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