If you’re trying to sell your home in Arizona, and your title company refuses to honor your homestead exemption, it can be frustrating and stressful. You want to ensure you get the $250,000 from the net sales proceeds. Fortunately, there are two ways to protect your rights and sell your home without paying creditors. Read on to learn more.
Understand Your Homestead Exemption Rights In Arizona.
The Arizona homestead exemption is designed to protect homeowners from creditors and provide a level of security for their primary residence. In Arizona, homeowners can claim a homestead exemption of up to $250,000 in equity. This means that if you owe less than $250,000 on your mortgage and your home is worth more than that, you can protect up to $250,000 in equity from creditors. It’s important to understand your rights under the homestead exemption and how to protect them.
Why Your Title Company Refuses to Honor Your Arizona Homestead Exemption.
We have been hearing lots of stories lately that homeowners are trying to sell their home, but the title company refuses to honor their homestead exemption. The response that title companies give is a vague “Our underwriting department requires that all your creditors get paid out of the closing.” You can recite the statute, but the title companies don’t care. The headquarters of the title insurance companies are most likely not located in Arizona. And they aren’t going to take a risk by issuing a title insurance policy only to find out that creditors sue them later. So, as soon as the title company identifies a lien or judgment against the property that exceeds the amount of the homestead exemption, they simply tell you that those need to get paid out of the closing.
If the Title Company Refuses to Honor Your Homestead Exemption, Hire Our Law Firm To Handle the Closing.
If your title company refuses to honor your homestead exemption, call us. We can handle the closing if no title insurance is required. This would be a good solution in two situations:
- It is a cash sale, or
- You are using creative financing such as selling on an owner financing basis.
Our law firm has experience in handling real estate transactions and can help ensure that your homestead exemption is properly filed and honored during the closing process. We can also assist in negotiating with creditors to protect your exemption and help you sell your home without having to pay off outstanding debts. Contact us today to schedule a consultation.
Hire Our Law Firm To Get a Court Order If Necessary.
If your title company is refusing to honor your homestead exemption, it may be necessary to seek a court order to protect your rights. This might be required if your buyer needs to get bank financing. Our law firm can assist you in filing a lawsuit to enforce your homestead exemption and ensure that your property is protected from creditors. We have experience in handling real estate litigation and can help you navigate the legal process. Call us today at 602-443-4888 to schedule a consultation and learn more about how we can help you protect your homestead exemption.
If the Title Company Refuses to Honor Your Homestead Exemption, Call Us!
If you’re looking to sell your home, it’s important to understand the ins and outs of protecting your homestead exemption. We understand the complexities of real estate law and we’re here to help you navigate the process.
We can guide you through the homestead exemption process and help you protect your assets.
Don’t risk losing your homestead exemption. Contact us today at 602-443-4888 to schedule a consultation with attorney Paul Deloughery. We’re here to help you every step of the way.
