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    lnza4's Avatar
    lnza4 Posts: 22, Reputation: 2
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    #1

    Feb 5, 2009, 02:13 PM
    Florida law for defaulting
    Can't pay my mortgage due to SSD. What are my options? I have PMI but I also have a HELOC? I have another property with my dghtr on the deed can they touch her home if I default or claim bankruptcy. Help!
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Feb 5, 2009, 02:16 PM

    If you claim bankruptcy, no. If you default, they might go after your other property, but probably not.

    Have you tried to sell, even a short sale?
    lnza4's Avatar
    lnza4 Posts: 22, Reputation: 2
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    #3

    Feb 5, 2009, 03:19 PM
    Had the home on the market. No activity. If I default isn't the PMI going to cover the first mortgage. I realize I need to payback the HELOC how and when is another story I can't even think about.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #4

    Feb 5, 2009, 03:55 PM

    Yes, the PMI should cover the first.
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