SAVING YOUR HOME
Homeowners who get in trouble financially risk the loss of their house, and not only from the mortgage company. True, if you don’t pay your mortgage, you will end up in a foreclosure.
But even if you are current on your mortgage, other creditors can sue you, and when they win they can end up with a judgment lien on your house. If there is sufficient equity, that judgment creditor can force a sale of your house.
Both the federal and state governments have exemption laws which protect the loss of a home up to a certain dollar amount of equity.
In Nebraska, the exemption has always been applicable only to the “head of household”, which basically meant you either had to be married and/or have children. Even when the exemption amount was increased to sixty thousand dollars, it was still only applicable to “head of household”.
NO LONGER. A new Nebraska law has just this month become effective that gives the same home equity protection to single people. Now all Nebraskans are equally protected up to $60,000.00 of equity in their homes.
© 2014 David G. Hicks