Fact Pattern 24-2
Mary's home is in a state that has a $30,000 homestead exemption. Mary de?faults on a $60,000 debt that she owes to Nina. Mary's home is sold at auc?tion for $80,000.
-Refer to Fact Pattern 24-2. Mary will receive

Question

Fact Pattern 24-2 
Mary's home is in a state that has a $30,000 homestead exemption. Mary de?faults on a $60,000 debt that she owes to Nina. Mary's home is sold at auc?tion for $80,000.
-Refer to Fact Pattern 24-2. Mary will receive

Quizplus · Accepted Answer

Mary is entitled to the homestead exemption of $30,000, which means that the first $30,000 of the sale proceeds will go to Mary to be used to protect her home from creditors. The remaining $50,000 will be used to pay off Mary's debt to Nina. Mary will not receive any additional money from the sale.