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I own (paid in full/primay) a home in Tennessee. I also have…

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I own (paid in full/primay)...
I own (paid in full/primay) a home in Tennessee. I also have house in the state of Florida that I have had to stop making payments on. What is the Tennessee law in regards XXXXX XXXXX mortgage holder on the Florida property? Can they take our primary home in Tennessee?
Submitted: 6 years ago.Category: Real Estate Law
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Answered in 1 minute by:
9/1/2011
Real Estate Lawyer: Ely, Counselor at Law replied 6 years ago
Ely
Ely, Counselor at Law
Category: Real Estate Law
Satisfied Customers: 103,212
Experience: Qualified attorney in private practice including business, family, criminal, and real estate issues.
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Hello,

Welcome to JustAnswer and thank you for the opportunity to assist you. Please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.

Which property do you actually live in or spend the most time in?
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Customer reply replied 6 years ago
We currently live in the state of Tennessee and will remain there.
Real Estate Lawyer: Ely, Counselor at Law replied 6 years ago
Thank you. According to TN 26-2-301, [a]n individual, whether a head of family or not, shall be entitled to a homestead exemption upon real property which is owned by the individual and used by the individual or the individual's spouse or dependent, as a principal place of residence.

This means that because you do not live in FL, that property may be liable in judgment if they get a judgment against you. However, your TN residence falls under homestead protection:

http://moore-brooks.com/article_display.mg2?at=2454572.3526273&aid=2454575.49332176

I hope you found my answer helpful, and if so please click on the ACCEPT button. This is the only way for me to get credit for my work; I receive no credit for my time with you until you actually press ACCEPT, even if you already have a subscription. If you still need to clarify something or seek more information, just use the REPLY button and I’d be more than happy to follow up to your satisfaction! There is no fee for follow up questions before or after accepting, should you wish to continue in the thread, and I encourage you to do so should you desire clarification.
Ely
Ely, Counselor at Law
Category: Real Estate Law
Satisfied Customers: 103,212
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