A licensee in Idaho is explaining the homestead exemption to a seller. All of the following statements about Idaho's homestead exemption are accurate EXCEPT:
Correct Answer
D) The homestead exemption fully protects the primary residence from foreclosure by the mortgage lender.
The Idaho homestead exemption (I.C. § 55-1001 et seq.) does NOT protect a homeowner from foreclosure by a secured mortgage lender. The exemption only shields up to $100,000 in equity from unsecured creditors (such as judgment creditors). A lender holding a deed of trust or mortgage has a secured interest that takes priority over the homestead exemption, and can foreclose regardless of the exemption.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A freehold estate represents ownership of real property with an indefinite duration.
Joint tenancy is a form of co-ownership in which two or more persons hold equal, undivided interests in property with the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenants.
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
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