Homestead Exemption on Property Judgment Lien
Dear fellow homesteaders ~
It is my understanding we are entering an era in which homestead properties especially in certain geographic locales are going to become extremely sought after with people competing to own them. Furthermore, the economy is just at the beginning of vast changes in which creditors, homeowners associations, and the government as they see their own coffers dwindle are going to be targeting homesteads to foreclose on them if they can. This dynamic is likely to affect more and more of the membership of the Grown Network in the years and even months ahead.
If you did not already know it, just about every state in the union has what is called a "Homestead Exemption" to protect an individual / family home from being taken by creditors, homeowners associations, and the government in a property judgment lien proceeding. The purpose behind these state laws is to protect homesteaders from having your primary shelter stolen out from under your feet basically with absolutely nothing to show for your investment in the property. Such "Homestead Exemption" laws require the government / HOA / creditor / thief who is forcing the sale / foreclosure of your home to provide you a certain amount of equity from the foreclosure sale of the home. Also, such "Homestead Exemption" laws require a minimum amount of alleged debt before the creditor can come in to take your home from you. Unfortunately, many of the "Homestead Exemption" laws are woefully outdated. Therefore, even a so-called progressive state government may only guarantee up to $50,000 in equity and a $3000 debt minimum, for example, upon the forced sale / foreclosure of your homestead.
CALL FOR ADVOCACY
Please let me know if any of you would be interested in advocating to update the "Homestead Exemption" legislation such that the minimum provisions for equity and debt are more up to date with the times. For example, the law in my own home state of Oregon was last updated over a decade ago. It is a state that requires payment to the homestead owner of $50,000 in equity, also a foreclosure sale requires a minimum $3,000 debt. Oregon considers itself to have strong protections for homesteaders, but these provisions completely lack any real teeth. For example, any trip to the emergency room for a snake bite far exceeds $3,000 in most cases today. Therefore, in my humble opinion, the purpose of the "Homestead Exemption" laws is being trampled upon by the courts if only because all the legislative provisions as to the monetary amounts are so outdated.
Is there anyone with an interest in this topic?
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