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#1
02-14-2004, 01:28 PM
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Forced sale of houseWhat is the name of your state? AZ I've searched this forum for an answer to this question without success. I thought this question might be in other readers minds, too. If I am forced to sell my home to satisfy a judgement or because of bankruptcy; is the following assumption correct? Sale price has to be enough to: 1) payoff first mortgage, 2) payoff any other lien(s), 3) pay realty fees for the sale, 4) pay me the homestead exemption. If unable to cover all the above, then there can't be a forced sale. Thank you. |
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#2
02-14-2004, 01:39 PM
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A forced sale of assets to satisfy creditors follows basically the same line as does repossesion. The assets are sold, all debts are paid and if debt amounts remain after the sale that have been unsatisfied, you are still liable for the remaining amount. |
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#3
02-14-2004, 01:59 PM
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| Ok, BUT, one of the debts to be paid is my homestead exemption! Doesn't that take priority over "any other liens"? And if so, and there isn't enough money left after that to pay the remaining debts; what would be the point in forcing the sale. (Punishment for me having debt problems??) |
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#4
02-14-2004, 03:34 PM
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| A homestead exemption is not a debt. Nor is it an asset that will be paid to you. The exemption is simply the amount of 'asset' that you can exempt from seizure. if the equity in the property is less than the exemption, then the entire property remains exempt from forced sale. However, if the equity exceeds the exemption, then the creditor can force the sale. You do not get the exemption amount in your pocket.
__________________ There are at least 17 lawsuits (!!) pending in various courts, including the US Supreme Court, asking if Obama is a natural born citizen (as req'd by Art II, Sec 1 of the US Constitution). Why has he spent over $1.35M in legal fees to block disclosure... rather than spend $12 for a VALID birth cert to settle the matter? The 'certificate' he has presented doesn't qualify to get a drivers license, wouldn't allow a child to qualify for Little League, or for a real citizen to get a US passport! |
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#5
02-14-2004, 06:48 PM
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| I'm sorry about beating this dead horse, but something in the answers just doesn't compute in my little brain! From what I read in JETX's response; if my equity exceeds the exemption, then they can force a sale, pay my debts and leave me with zero. What happened to my exemption? I thought the purpose of the exemption was to protect that amount, so that I would have something to use as housing after the sale? |
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