Robin's home is in a state that has a $60,000 homestead exemption. Robin de-faults 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 26-1. Robin will receive

Question

Quizplus · Accepted Answer

Robin is entitled to the homestead exemption of $60,000, which means that the first $60,000 of the sale proceeds will not be applied to her debt to Suburban Mortgage Company. The remaining $100,000 will be applied to the debt, leaving Robin with $0. Therefore, Robin will receive the homestead exemption amount of $60,000.

Robin's Home Is in a State That Has a $60,000