Posted on: 08th Jul, 2010 09:08 pm
I quit claim dee to my mother where she lives in Florida.The property was paid cash five years ago, and also has homestate.Can this property be protec from a lien in a Foreclousure process that Im dealing with another property that can not afford to pay the mortgage.? .
Hi nanavasmar!
Welcome to forums!
As far as I know, homestead exemption will help you in protecting your property from any kind of forced sale. But as far as I know, the lender may be able to place a lien on your property. Rather than foreclosing your other property, it will be better if you could contact your lender and apply for a deed in lieu of foreclosure. This will help you in getting rid of the property and you won't be liable for the deficient balance resulting from the sale.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, homestead exemption will help you in protecting your property from any kind of forced sale. But as far as I know, the lender may be able to place a lien on your property. Rather than foreclosing your other property, it will be better if you could contact your lender and apply for a deed in lieu of foreclosure. This will help you in getting rid of the property and you won't be liable for the deficient balance resulting from the sale.
Feel free to ask if you've further queries.
Sussane