Amends the Consolidated Farm and Rural Development Act to exempt from foreclosure an obligor's principal residence and acreage and up to $7,500 of personal property.
Permits an individual to waive such exemption.
Authorizes the Secretary of Agriculture, in lieu of such exemption, to sell the residence (under conditions set forth by this Act) and exempt the first $50,000 of the sale's proceeds.
Introduced in House
Introduced in House
Referred to House Committee on Agriculture.
Referred to Subcommittee on Conservation Credit and Rural Development.
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