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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Jim McMannis who wrote (51402)4/4/2006 9:09:57 PM
From: CalculatedRiskRead Replies (2) of 306849
 
The basics of Florida's Homestead protection:

Its a protection against court judgments, except:
a) failure to pay taxes (the government can take your home),
b) failure to pay mortgage on said home (a lender can foreclose on your home),
c) failure to pay contractors that worked on said home.

To qualify, it must be your primary residence. For rural land, you can protect upto 160 contiguous acres. For land within a municipality, the protection is for upto one-half acre of land.

If you go BK, you still have to pay your mortgage or lose your home. Its not clear to me if you have to pay a HELOC.
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