Homestead Exemption For Mobile Home/RV Park
One of my clients is concerned about a judgment from default on a second mortgage on his current residence. The client’s primary investment asset is a mobile home and RV park. The part comprises a large number of lots which are rented to different mobile home and RV owners. The RV park is located in the county and is smaller than 160 acres.
The law is not yet clear when a property outside a city is used primarily as a commercial venture such as the case of my client’s RV park. One state court appeals court held that a homeowner could claim homestead where he used part of his property to operate a mobile home park. A federal bankruptcy court subsequently refused to follow the state case and denied homestead protection to a debtor whose property consisted of his own home and eight mobile home lots rented to third parties.
About the Author
Jon Alper is an expert in asset protection planning for individuals and small businesses.
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