Hello and thank you for the opportunity to assist you. My name is ***** ***** I will do my very best to answer your legal questions.
While you do have the ability to protect some of the equity in the home, I'm sorry to say that you do not have the ability to prevent a forced sale. Here is a summary of the potentially available exemptions:
Single homeowners who are not disabled may exempt up to $75,000 of the equity in their home or other property covered by the homestead exemption. You may exempt up to $100,000 if you live with a family member; $175,000 if you are 65 or older, or physically or mentally disabled; $175,000 if 55 or older, single, and earn a gross annual income under $25,000 or are married and earn a gross annual income under $35,000.
The exempt amount is the amount of equity that you can keep from the proceeds of a forced sale. In your case, since the home can sell for approximately $300,000, the creditor can force the sale of the home, pay you the exempt amount, and then keep the remaining proceeds to pay down the debt that you owe to that creditor.
I am truly sorry that my answer is bad news for you, but please understand that it would be unfair to you (and unprofessional of me) to provide you with anything less than an honest response. However, if your concerns were not satisfactorily addressed, then please let me know, and I will be happy to clarify my answer.