Homestead property

A family's principle property, composed of a house and a lot, which can be filed as a homestead by State law. The homestead status—which protects USDA farm loan borrowers who lack the financial means to make timely payments—is ineligible for a restructured loan and renders loan borrowers unable to buy out the loan at the net recovery value of the collateral property, allowing them instead to convey the property to USDA in lieu of loan payments.

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