In a foreclosure, how does the homestead exemption work regarding out-of-state property?

I own 2 homes. One in OH and one in FL. I’m thinking of letting the FL house go into foreclosure. I have homestead exemption in OH. Can they take the OH home also?

Asked on November 9, 2011 under Real Estate Law, Ohio

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you have your Ohio property homesteaded, the amount of equity that you have in it would be exempt from creditors up to the statutory amount of the homestead amount in your state.

If the Florida home that you are thinking about letting go in foreclosure was your primary residence at one time and the loan on it is its loan for the purchase, then there is a possibility that if Florida has anti-deficiency laws you may not be responsible for any shortage owing on the loan.

I suggets that you consult with a real estate attorney about your situation. Good luck.


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