Fact Pattern 29-2
Robin's home is in a state that has a $30,000 homestead exemption. Robin defaults on a $60,000 debt that she owes to Suburban Mortgage Company. Robin's home is sold at auction for $80,000.
-Refer to Fact Pattern 29-2. Robin will receive
A) $0.
B) $30,000.
C) $50,000.
D) $60,000.

Question

Fact Pattern 29-2
Robin's home is in a state that has a $30,000 homestead exemption. Robin defaults on a $60,000 debt that she owes to Suburban Mortgage Company. Robin's home is sold at auction for $80,000.
-Refer to Fact Pattern 29-2. Robin will receive​
A) ​$0.
B) ​$30,000.
C) ​$50,000.
D) ​$60,000.

Quizplus · Accepted Answer

The homestead exemption of $30,000 will be subtracted from the sale price of the home ($80,000 - $30,000 = $50,000), and the remaining $50,000 will be used to pay off the debt to Suburban Mortgage Company. Therefore, Robin will receive the homestead exemption amount of $30,000.

Fact Pattern 29-2 Robin's Home Is in a State That Has a $30,000