Legal Question in Real Estate Law in Texas
Homestead Law / Homestead Exemption
Wjat states have a homestead law? If these states have homestead exemption, does it protect them from creditors like the homestead act in Texas?
Asked on 9/13/00, 4:10 pm
1 Answer from Attorneys
Charles Aspinwall
Charles S. Aspinwall, J.D., LLC
Re: Homestead Law / Homestead Exemption
A homestead exemption is a law which requires the payment of a stated amount of money to the owner of the exemption before the real property in which the homeowner lives is sold at foreclosure. The amount differs from state to state, as does the ability to "waive" or give-up the exemption at the time of signing a mortgage.
Most states have a homestead exemption or similar measure which is designed to provide enough money for a defaulting homeowner to start over and avoid bankruptcy or being on public relief.
Answered on 10/17/00, 9:38 am
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