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CalAttorney2, Attorney
Category: CA Real Estate
Satisfied Customers: 10244
Experience:  I have experience representing HOAs, homeowners, businesses, and other individuals in real estate matters.
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How to file fore homestead

Customer Question

How to file fore homestead
Submitted: 10 months ago.
Category: CA Real Estate
Expert:  CalAttorney2 replied 10 months ago.

Hello, My name is ***** ***** I will assist you today. Please give me a few minutes to write a response and identify any additional resources for you.

Expert:  CalAttorney2 replied 10 months ago.

The homestead exemption is used when a debtor is being pursued for collections. When a creditor attempts to file a foreclosure on the homestead (I believe you said your property was in CA), the property owner can exempt the first $100k, or $150k (if you are older than 65) of equity from the sale of that property.

This means that while the home may be sold, the owner gets the first portion of the equity. This can be a significant disincentive to a creditor to enforce their lien rights in this way.