A homestead exemption allows a debtor to pay less for a home than was actually owed.

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A homestead exemption is a legal protection that can help a homeowner keep their primary residence in certain situations, often in the event of bankruptcy or foreclosure. However, it does not allow the debtor to pay less for a home than what is owed. It simply exempts a portion of the home's equity from being used to pay off the debtor's other debts.

A Homestead Exemption Allows a Debtor to Pay Less for a Home