Homestead laws
On Jun 25, 2008 2:10 pm
Vanessa said:
I've heard that some states have homestead laws to protect homeowners from foreclosure for any reason other than defaulting on the primary mortgage. Is it still possible to get a home equity line of credit in those states?
(1) Answer
Guru
On Jun 27, 2008 1:06 am Steve said:
Hey Vanessa,
Actually, you must also pay your real estate taxes. You can be foreclosed on for not paying your taxes as well. It is true that some states have better homestead laws than others---Florida for example has an unlimited homestead exemption meaning except for not paying your taxes or your mortgage, you cannot have your primary residence taken away from you.
Home equity lines of credit are available in every state. The maximum CLTVcan differ. (see previous answer for explanation )
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