Need help with a question

[FLSW]

I have a property that is in foreclosure. The property suffered a loss. The insurance policy that I purchased on the property does not list the mortgage holder. The monies for the loss which is quite substantial have been paid directly to me. The mortgage company knows that I have my own insurance policy and that they are not the loss payee. They are not aware of the claim.

If I put these monies into purchasing a new home for cash will I still have to worry about the 1215 day rule. The loss was on my primary residence. Also what other issues should i be concerned with.

Please spare me the lectures on doing the right thing. I did all the right things. I bought a house that was well below my means. I put a substantial down payment on the property. I made every payment up and until my health deteriorated and I lost my job. I had savings that I made payments from, even though I probably should not have. Doing the right things is about to make me homeless.

My state is Florida

[justbroke]

I'm not an attorney, but I believe that 11 USC 522(p)(2)(B) is what protects your "equity" in a property acquired within the 1,215 days (40 months). This protects the Florida resident that owned property outside the 1,215 day limit, but purchased a new property and transferred their equity to the new property within the 1,215 days. However, someone could argue that you did not have equity in the old property; you just had a bunch of cash. The bunch of cash was from a casualty and created a windfall for you.

Other than that, I don't see why you wouldn't get the $137,000 federal homestead exemption.

Personally, if I were you, I'd be speaking with an asset protection attorney immediately.