Homestead And Foreclosure

Comments(7)

• 
  pmatheson110th December, 2003

  My understanding Fla has an Unlimited Homestead as long as the underlying land doesn't exceed 1 acre.
  
  Homestead doesn't protect you from a Voluntary Lein (such as a Note & DT you signed for)

• 
  toeneetee410th December, 2003

  So, what exactly does the Homestead do?

• 
  myfrogger10th December, 2003

  Someone who sues you for example cannot get access to your home provided it is covered by homestead. All states have some sort of restriction. Some may limit the amount to $5000 others, unlimited.

• 
  toeneetee410th December, 2003

  So, if it's asset protection from suit. Being that foreclosure here in Florida is a civil suit how does it affect the process? I've been told by a couple of homeowners that their lawyers were handling it because it is their Homestead property/

• 
  pmatheson111th December, 2003

  Protects homeowner from Involuntary leins (Judgements) not from ones he willing obligates himself for.
  
  go to Google and put in, 'Homestead' and your State name.

• 
  BethE11th December, 2003

  Homestead means you can't lose your house due to consumer debt. You can still lose it if you owe any government agency - IRS, property tax collector, stuff like that.

• 
  toeneetee411th December, 2003

  Thanx all. So, i guess the legal counsel that's guiding this homeowner should conisder retaking the bar, because he's under the impression Homestead is going to stop this foreclosure or bring this lady current.