What does unlimited homestead protection mean in Florida?
In Florida, homeowners enjoy unlimited homestead protection. What does that mean? It means if you bought your home more than 3 1/2 years, and you have less than 1/2 acre within the city limits or no more than 160 contigious acres outside the city limits, and you have equity in the home, it cannot be levied upon or liquidated to satisfy your creditors.
If you bought your home within 3 1/2 years, the equity is capped at $125,000. ($250,000 for married couple) However, this rule does not apply to lenders who have mortgaged the property or agencies you owe taxes to.
Florida is unique in that it does offer unlimited homestead protection. Many states offer relatively small caps and are less protective of resident homes. Homestead protection can only be applied to your primary residence. Investment properties or second homes do not qualify under the statute or the Florida Constitution.
If you have questions about Florida Foreclosures or Bankruptcy Law contact a Florida Attorney
Greg Gilbert
Keith Maynard
