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#1021256 - 08/15/08 05:23 PM Accelerating the APR on a matured HELOC
Many Hats Offline
Platinum Poster
Joined: May 2008
Posts: 915
Orlando, FL
The rate on our HELOC's automatically accelerates to 18% when the loan matures.

I am being told that this is okay legally, per contract law, we can accelrate the rate in the event of default (in this case, not paying it off at maturity).

Does anyone know if there's a link or statute somewhere I can refer to that confirms this?

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#1021730 - 08/16/08 12:03 PM Re: Accelerating the APR on a matured HELOC Many Hats
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 77,254
Galveston, TX
This is going to be totally based on State law. You might try the FL forum.
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