Fact Pattern 22-1
Robin's home is in a state that has a $60,000 homestead exemption. Robin defaults on a $120,000 debt that she owes to Suburban Mortgage Company. Robin's home is sold at auction for $160,000.
-Refer to Fact Pattern 22-1. Robin will receive

Question

Fact Pattern 22-1
Robin's home is in a state that has a $60,000 homestead exemption. Robin defaults on a $120,000 debt that she owes to Suburban Mortgage Company. Robin's home is sold at auction for $160,000.
-Refer to Fact Pattern 22-1. Robin will receive​

Quizplus · Accepted Answer

The $60,000 homestead exemption allows Robin to keep that amount from the sale proceeds, which means she will receive $60,000 and the remaining $100,000 will go towards satisfying her debt to Suburban Mortgage Company.

Fact Pattern 22-1 Robin's Home Is in a State That Has a $60,000