Did you know that in Florida you can register your home and property as your homestead, effectively making it off limits to the collectors that may be calling you daily? Of course, some restrictions and limitations apply, but this could be a crucial filing that could keep a roof over your head in otherwise trying times.
Florida is among one of the most generous states in the U.S. when it comes to this sanction. There is no maximum financial cap on your property, only limitations on lot size or acreage when you reside outside of municipalities. If you file for bankruptcy in the face of substantial debt and creditors wanting repayment, your house can remain yours.
There are several factors that could still put your home ownership in jeopardy. Those are liens placed upon the homestead before you filed it as a homestead. Also, the government can supersede the homestead sanction on a federal level as this is a state mandate and fed law trumps state law. However, in most cases, the government prefers not to take a home from a debtee and only gets involved once it has been foreclosed upon by another allowable entity.
If you have not kept up with property taxes, the state can come in and require the home's sale. If the property was used as credit for a mortgage, those creditors have rights that could jeopardize your homestead claim. Finally, your home could be sold to pay contractors and builders and those who you have failed to pay who have done work on the property improving its value.
If you have debts you cannot pay, it might make sense to consult a Florida property attorney regarding your options for your home.