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CA Homestead exemption
I presume the residence is real property. If it has equity borrower
should sell it once the property is abandoned back at the close of the
case. Checking the surrender box on the statement of intentions does
not dispose of the property. Title still must be conveyed to a new
owner through sale, through foreclosure or deed in lieu of foreclosure
(creditors rarely accept). Either way the homestead exemption has no
effect as to voluntary liens. The borrower would not likely receive
anything after foreclosure sale and clearly would not receive anything
after a deed in lieu. If it was a judgment lien that impairs the
homestead exemption you should file a motion to avoid lien under
522(f). Otherwise, under CA law it depends on if a homestead
declaration was recorded prior to the judgment lien. There was a
string on this topic a couple weeks back and I think it was David
Tilem that opined in more detail.
Mark T. Jessee
Law Offices of Mark T. Jessee
"A Debt Relief Agency"
50 W. Hillcrest Drive, Suite 200
Thousand Oaks, CA 91360
(805) 497-5868
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On Sun 17/01/10 6:44 PM , "Matthew Gary Evans"
matthew@matthewgaryevanslaw.com sent:
Will homeowners be eligible for their $75k homestead exemption if
they surrender their primary principle residence? Under what
circumstances the does exemption apply?
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Law Office of Matthew Gary Evans
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Will homeowners be eligible for their $75k homestead exemption if they
surrender their primary principle residence? Under what circumstances the
does exemption apply?
____________________________________
Law Office of Matthew Gary Evans
Matthew Gary Evans, Esq.
16 North Marengo Avenue, Room 219
Pasadena, California 91101
Tel.: (626) 405-9448
Fax: (626) 768-7565
Cell: (213) 842-6645
Email: matthew@matthewgaryevanslaw.com
www.matthewgaryevanslaw.com
www.matthewgaryevanslaw.net/Bankruptcy
please visit my blog at matthewevanslaw.wordpress.com
Member: California State Bar, American Bar Association, Consumer Attorneys
Association of Los Angeles, Central District Consumer Bankruptcy Attorneys
Association, National Association of Consumer Bankruptcy Attorneys, Pasadena
Chamber of Commerce
NOTICE: This message is intended only for the individual named. If you are
not the named addressee please do not disseminate, print, or copy this
e-mail. Please notify the sender immediately by reply e-mail if you have
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Thank you.
The post was migrated from Yahoo.