CT- is my house exempt?

[Sewing]

What is the name of your state? CT

I am confused as to the exact nature of the homestead exemption. My wife and I are filing jointly; CT allows a $75,000 homestead exemption, times 2 (spouse and I).

I refinanced my house about 1.5 years ago, so I know it is valued at about $180,000; I have $175,000 remaining on the mortgage.

I am confused as to whether this means I will owe $25,000 on the house, or that because my equity is essentially zero (after fees, etc.), I will owe nothing, or that I will have to start saving up for my own shopping cart, or what.

FWIW, my app't with an attorney is in two weeks, but I am rather anxious about this.

 

[mymymy]

Your equity is 5000.00 right now.. you are SAFE by 145,000.00..lol.. not too shabby! Make sure your value is correct, tho. The real estate market is just bursting at the seams right now (waiting for the bubble to pop!) Unless your equity has reached the 150,000 mark.. you are home free.. no, wait.. I didn't mean it that way. Your home is most likely VERY safe!

Market Value minus Mortgage (plus reasoanable selling fees, structural repairs needed, etc) equals Equity.