QUESTION
Are insurance proceeds exempt from being seized in a loan deficiency judgment?
Asked on May 12th, 2013 on Foreclosures - California
More details to this question:
I have received life insurance proceeds after my mother's death, but prior to my date of foreclosure.
3 ANSWERS
Bankruptcy Attorney serving Phoenix, AZ
at
Law Office of D. L. Drain, P.A.
Update Your Profile
It depends on the exemptions laws and anti-deficiency laws in the state where you live and/or where the property is located.
Answered on May 24th, 2013 at 1:10 AM
In Nevada, yes, the insurance proceeds are exempt from collection. But, you must be careful to keep them in a segregated account and not mingle them with other assets.
Answered on May 15th, 2013 at 8:40 AM
No, there not. There is no loan deficiency in California, how did that happen?
Answered on May 15th, 2013 at 8:13 AM