| The CA exemptions are as follows:
"Real or personal property you occupy including mobile home, boat, stock cooperative, community apartment, planned development or condo to $50,000 if single and not disabled; $75,000 for families if no other member has a homestead (if only one spouse files, may exempt one-half of amount if home held as community property and all of amount if home held as tenants in common), $100,000 if 65 or older, or physically or mentally disabled; $100,000 if 55 or older, single and earn under $15,000 or married and earn under $20,000 and creditors seek to force the sale of your home; sale proceeds exempt for 6 months after received (husband and wife may not double)."
So, depending on your situation, the excess equity in your home could be a problem, yes. They'd have to pay off your mortgage lender, pay YOU the equity exemption, then they'd get what's left. Its not a simple thing to do. Besides, the price you'd get for your home in a regular sale is not what you'd use to value it for a quick sale or a 'walk away' price.
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"Knowledge is Power - use it as you see fit !
I am not a lawyer or a member of the legal profession. My advice is based on research and experience, my own and others, some who practice law. You decide for yourself what actions you do or do not take from my advice.
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06-12-2003, 04:54 PM
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