Hi. May I please ask some questions?
My mother currently lives in in a house in Georgia. She is a widow. She is paying over $700 a month in credit card bills and over $500 a month for her mortgage for her house.
She is considering letting her house be foreclosed and paying cash for a repo trailer to put on 4 acres of land she has 15 miles from her house.
So, if she let's her house get foreclosed, and buys a trailer for her 4 acres and moves to it, and then later files for Chapter 7, what about her 4 acres?
The problem with the land (property) is that it is all adjacent, but there is a 2 acre tract, and 2 1 acre tracts. So she has 3 deeds, because the land was given to her at different times over the years.
My question (finally) I guess is that, if she puts a trailer on the 2 acre tract, can she keep the other two 1-acre tracts?
Would she have to get those two 1 -acre tracts appraised, or use the tax digest to see if she can get those two 1-acre tracts exempted?
I am confused about the Georgia exemptions. "...up to $5,000 of unused portion of homestead may be applied to any property."
I am just confused. Am I reading this correctly, that if she puts a trailer on the 2 acres, and lives there, and if the other two adjacent lots, each 1 acre each, are both appraised or valued by the tax folks for $5,000 or less, combined, then she could exempt them?
The whole 4 acres are together. I sure would be thankful for any advice, insight, or help.
Thanks.
My mother currently lives in in a house in Georgia. She is a widow. She is paying over $700 a month in credit card bills and over $500 a month for her mortgage for her house.
She is considering letting her house be foreclosed and paying cash for a repo trailer to put on 4 acres of land she has 15 miles from her house.
So, if she let's her house get foreclosed, and buys a trailer for her 4 acres and moves to it, and then later files for Chapter 7, what about her 4 acres?
The problem with the land (property) is that it is all adjacent, but there is a 2 acre tract, and 2 1 acre tracts. So she has 3 deeds, because the land was given to her at different times over the years.
My question (finally) I guess is that, if she puts a trailer on the 2 acre tract, can she keep the other two 1-acre tracts?
Would she have to get those two 1 -acre tracts appraised, or use the tax digest to see if she can get those two 1-acre tracts exempted?
I am confused about the Georgia exemptions. "...up to $5,000 of unused portion of homestead may be applied to any property."
I am just confused. Am I reading this correctly, that if she puts a trailer on the 2 acres, and lives there, and if the other two adjacent lots, each 1 acre each, are both appraised or valued by the tax folks for $5,000 or less, combined, then she could exempt them?
The whole 4 acres are together. I sure would be thankful for any advice, insight, or help.
Thanks.
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