Our Second lien on our current home was charged of.We are now letting our home go into foreclosure. We own a rental which is paid for.
Can the second lien holder, or collection agency force the sale of our rental, if so,would we have time to move back there? The IRS Has a judgment of $20,000 against the property. Any advise would be appreciated
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This question is hard to answer without knowing where you live. And even once I know where you live, I may not be well qualified to answer the question, since I don’t know all states exemptions.
In Florida, once you moved back into the rental home, it would be considered homestead and protected from creditors. But since the IRS already has a lien, there isn’t much that could be done about that lien.
But not all states have unlimited homestead exemption, so you have to be very careful in trying to protect a free and clear home.
My name is Lewis Roberts and I’m an attorney licensed in Florida and Georgia. My practice focus is consumer bankruptcy, real estate issues/closings, and mortgages. I also have Florida real estate broker and mortgage broker licenses. I am a proud member of the National Association of Consumer Bankruptcy Attorneys (NACBA), National Association of Consumer Attorneys (NACA), and a graduate of Max Gardner’s Bankruptcy Boot Camp. I enjoy helping people with decisions that impact their financial well-being.
Legal Disclaimer: This is for educational purposes only. It is not to be relied upon as legal advice. It also does not create an attorney-client relationship. No such relationship is formed with attorney without a written agreement.
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