Legal Question in Business Law in Colorado
Homestead protection
we bought a cafe 3 years ago and put our home up for the down pmt.we closed the business on 12-1-00.could not make the bills. previous owner has started forclosure. how can our homestead (filed in 1977) protect us from loosing our home.
1 Answer from Attorneys
Re: Homestead protection
California has two types of homestead. You got a "Declared Homestead" by filing for it; there is also a "Dwelling House Exemption" sometimes called an automatic homestead. You seem to have both.
Homesteads are the subject of a lot of misunderstanding. The protection isn't as absolute or effective as many believe. In fact, the homestead provides no protection at all from a lienholder. If your house itself was put up as collateral, you are unprotected.
I advise you get a real-estate lawyer with foreclosure experience in your county at once to see what can be done to prevent foreclosure. You are in a heap of trouble and it will only get worse if you try to navigate these waters by yourself. Good luck.
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