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URL:  https://boards.fool.com/quoti-believe-the-homestead-law-came-about-14575571.aspx

Subject:  Re: Ann Says It Better Date:  3/18/2001  3:59 PM
Author:  telegraph Number:  120 of 220

"I believe the Homestead law came about because of this. I don't know if it covers both, State and Federal. Does anyone know?"

This, I believe, is a state law for most states, if it exists. Not all states have it.

In Texas, until recently, you couldn't even get a home equity loan since it was nearly impossible to reposess a house.....for nonpayment of mortgage, second mortgage, or civil suit award....once you bought it, it took forever to take it away, and it was protected in bankruptcy(up to a certain limit)...they couldn't move you out of it.....and a civil award couldn't confiscate your house until you moved out of it. Even in bankruptcy, your house (up to a certain value) was a protected asset.

If you don't pay your taxes, your house can/will be sold at tax auction if you don't pay up.....but even then, usually the new owner can't easily move you out....(if you have filed for homeonwner exemption with your local tax agency when you bought it).

If you don't pay your taxes....federal or real estate....you can lose your house. Other than that, it is still hard to take a house away for any other reason in TX and states with strong homeowner protection.


No federal law that I am aware of.


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