They Can Take Your Home Away Even if Your First Mortgage Is Up To Date
Many consumers are unaware that any second mortgage holder or SLS line of credit secured with your home equity can be foreclosed just as easily as a first mortgage. Just because your first mortgage is current, doesn’t mean that you are safe from foreclosure by any subordinate mortgage. Also, just because a mortgage has remained unpaid for five or more years does NOT mean that a second mortgage is prevented from foreclosing on your property.
Following the nationwide economic collapse in 2008, many homeowners stopped paying their second mortgages and their home equity lines of credit (“HELOC”), because property values dropped significantly. Most homeowners figured that since there was no equity in the home after the first mortgage to cover the value of the second mortgage or HELOC, they were safe from foreclosure. However, since 2013 property values have increased dramatically in Florida. Many properties now have sufficient value after the first mortgage to justify a collection action, HOA foreclosure, second mortgage foreclosure, or HELOC foreclosure. Also, as a result of recent changes in Florida law, even though more than 5 years have passed since a payment has been made to the second mortgage company, a homeowner is still responsible for the full debt, so long as the second mortgage company chooses a default date that is within 5 years of the filing date of the foreclosure.
We Can Help
Over the last 15 years, the attorneys at the Law Office of Omar J. Arcia have successfully represented homeowners in hundreds of cases involving association defense, second mortgage, SLS second mortgage, association foreclosure defense, and SLS HELOC collections and foreclosures. The dozens of five-star reviews by our satisfied clients are the best indicators of the quality of service and level of success we routinely provide at The Law Office of Omar J. Arcia. Defend your SLS second mortgage with us today.
If you have recently received notification of default, or a collection or foreclosure lawsuit from your second mortgage/HELOC in Miami, Miramar and throughout Florida, please contact the Law Office of Omar J. Arcia today to schedule your free consultation with an association foreclosure attorney, homeowners association defense attorney, or second mortgage attorney in your area.