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line of credit

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lk Joined: 12 Apr 2010 Posts: 1 1.32 Dollars($)	Posted: Mon Apr 12, 2010 8:35 pm    Post subject: line of credit Like 0 Dislike 0 I have a line of credit completly under my name on the house that I bought with my parents years ago, but the house is on their name not mine, meaning this is not my home (I have my own home, which is my primary home). My parents have moved back to our home country....Now, if I don't pay the line of credit in this house and they forclose it, Can they sue me and go after my primary home (my real house) and try to get their money. Even if i have homestead extemtion in my house in Florida?
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Tue Apr 13, 2010 3:47 am    Post subject: Like 0 Dislike 0 As the line of credit is in your name, you would be liable for the mortgage payments. If you stop the payments, the lender will have the rights to place a lien on your primary property. As per the Florida exemption laws, the property is exempted from forced sale. I would suggest you to have a word with an attorney and take his opinion in this regard. _________________ Good is the Enemy of Great.

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