Are you allowed to subtract liens & home equity loans from the equity of the home?
For example,
155 K = Value of Home
Deductions
15.5 = Cost of selling (10%)
80.0 = Owed on mortgages
2.5 = Liens
13.0 = Home Equity Loan
111 = Total Deductions
Equity = Value - Deductions = 44 K
Homestead exemption in Colorado = 45 K
Does this sound right?
For example,
155 K = Value of Home
Deductions
15.5 = Cost of selling (10%)
80.0 = Owed on mortgages
2.5 = Liens
13.0 = Home Equity Loan
111 = Total Deductions
Equity = Value - Deductions = 44 K
Homestead exemption in Colorado = 45 K
Does this sound right?
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