Homestead Exemption DESPERATELY NEED ANSWER!!!!

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cindyroo

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I am getting ready to sign a legal note to pay back a loan from a friend. His attorney drew up the papers and included this clause, " The Maker of this obligation hereby expressly waives the benefit of the Homestead Exemption".

My 72 year old mother is the primary deed holder of our house. How will signing this affect our real estate interests if I were forced to default on this note? (ie. lost job, became disabled, etc).

Thank you for any advice!!
 
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Thank you sooooo much! Sometimes it is good to go by hunches but it's getting down to the wire on this note. I do owe him the money but I don't wish to lose my expensive house for 10,000.00.

If my friend won't change that clause, should I hire an attorney? I have seriously considered filing bankruptcy.

Thanks again!

cindy
 
Homestead also gets into them being able to take your only car etc-- things that by law they are not able to touch-- Yes tell him you wont sign unless they take that wording out, but still do your payments that you have agreed upon by money order adn keep all stubs!
 
Thanks again! I have been paying him each month as stated according to the note since September which is the first month the payments were to start. I have been paying by check so I have copies.

I will seek an attorney and hope that in the interim, they don't take it to court for judgement (if that is possible since I am making payments).

If you have any other advice, please feel free to pass it along!

Thank you so much!

cindy
 
Well if they want they can sue but your defense is your payments and you are trying--- Good Luck!
 
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