How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Jack R. Your Own Question

Jack R.
Jack R., Lawyer
Category: Real Estate Law
Satisfied Customers: 6147
Experience:  Mediator, part of the Ohio Save the Dream Foreclosure project
14472836
Type Your Real Estate Law Question Here...
Jack R. is online now
A new question is answered every 9 seconds

Hi. I live in Fort Lauderdale, Florida. About 8 years ago

Resolved Question:

Hi.
I live in Fort Lauderdale, Florida. About 8 years ago I ve took out an equity line with State Farm for $30k; a few years later I was also able to take out a second equity line with Bank of America for $158k. By 6/6/13 I must pay off my StateFarm equity line so I contacted them to see if I could get an extension of 6 months and they told me that I should not have been give the second equity line (by BoA) that it was illegal.. is this true? If it was illegal for BoA to do this then can I force BoA to forgive my loan? or is there any other action I can take?
Many thanks
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Jack R. replied 1 year ago.

Thank you for choosing Just Answer.

 

A Home Equity Line of Credit ( HELOC) is equivalent to a 2nd mortgage. As the name implies there can only be 1 2nd mortgage. A lender can decide to create a 3rd mortgage although these are rare. Typically the later HELOC provider pays off the first HELOC lender and only one HELOC remain on the property.

 

A lender is not prohibited from adding a 2nd HELOC, but the lender must agree to be 3rd in line behind the mortgage, and the 1st HELOC.

 

As far as the illegality, I think State Farm was indicating your action in obtaining another HELOC may be considered Mortgage Fraud. In other words BOA may have an action against you. Given the time differential and unless you purposely withheld disclosing the 1st HELOC to BOA this is an unlikely scenario.

 

If BOA was fully aware of the first HELOC, and BOA decided to proceed with the HELOC there is nothing illegal as long as the home supported the amount of the line of credit..

 

BotXXXXX XXXXXne you cannot force BOA to forgive the loan.

 

If you found this answer informative please ACCEPT the answer at the appropriate service level "3" or greater. if you have further questions please ask. Thank you.

Jack R., Lawyer
Category: Real Estate Law
Satisfied Customers: 6147
Experience: Mediator, part of the Ohio Save the Dream Foreclosure project
Jack R. and 7 other Real Estate Law Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • Tina

    Lawyer

    Satisfied Customers:

    4813
    16 years of legal experience including real estate law.
< Last | Next >
  • http://ww2.justanswer.com/uploads/MU/multistatelaw/2011-11-27_173951_Tinaglamourshotworkglow102011.64x64.jpg Tina's Avatar

    Tina

    Lawyer

    Satisfied Customers:

    4813
    16 years of legal experience including real estate law.
  • http://ww2.justanswer.com/uploads/LA/lawpro/2012-6-25_171315_PT206740s.64x64.jpg Law Pro's Avatar

    Law Pro

    Lawyer

    Satisfied Customers:

    6227
    20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
  • http://ww2.justanswer.com/uploads/BA/barristerinky/2012-6-10_22423_office.64x64.jpg Barrister's Avatar

    Barrister

    Lawyer

    Satisfied Customers:

    4966
    13 years real estate, Realtor. Landlord 24+ years
  • http://ww2.justanswer.com/uploads/LA/LawTalk/2012-6-6_17379_LawTalk.64x64.JPG LawTalk's Avatar

    LawTalk

    Attorney

    Satisfied Customers:

    4446
    I've more than 27 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
  • http://ww2.justanswer.com/uploads/RA/rayanswers/2012-6-7_23346_Untitled1.64x64.jpg Ray's Avatar

    Ray

    Lawyer

    Satisfied Customers:

    4030
    Texas Attorney for 29 years dealing in real estate
  • http://ww2.justanswer.com/uploads/PH/philip.simmons/2012-6-7_161915_BIGPhilipSimmons.64x64.jpg P. Simmons's Avatar

    P. Simmons

    Lawyer

    Satisfied Customers:

    2377
    12+ yrs. of experience including real estate law.
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    2355
    B.A.; M.B.A.; J.D.
 
 
 
Chat Now With A Real Estate Lawyer
Jack R.
Jack R.
1068 Satisfied Customers
Mediator, part of the Ohio Save the Dream Foreclosure project