Home arrow Mortgage Forums arrow Mortgage Problems and Solutions arrow

How to Homestead your house

Author Message
Icon Mini Profile CarolynJ364





Joined: 06 Oct 2008

Posts: 1

1.61 Dollars($)
Post Posted: Mon Oct 06, 2008 3:59 pm    Post subject: How to Homestead your house
Like 0
Dislike 0

mY SISTER IS PAYING ON A HOUSE IN cALIFORNIA. SHE IS VERY SICK AND HAD TO FILE BANKRUPCY ON HER CREDIT CARDS. cAN SHE HOMESTEAD HER HOUSE?
Icon Mini Profile Caron
Caron
Moderator



Joined: 19 Jul 2005

Posts: 1519
Location: florida
281.04 Dollars($)
Post Posted: Tue Oct 07, 2008 4:39 am    Post subject:
Like 0
Dislike 0

Hi Carolyn,

Welcome to our forums.

I think your sister can file for homestead because the bankruptcy involves her credit cards and not the house.

Good luck

_________________
Mortgage Shopping made easy with booklet
ROSE COX

Guest







Post Posted: Sun Nov 23, 2008 2:31 pm    Post subject: HOMESTEAD A HOME
Like 0
Dislike 0

I AM SOON TO GET DIVORCED AND I PAID WITH MY INHERITANCE $20000.00 DOWN TO GET THIS HOUSE. WE BOUGHT IT FROM A PRIVATE PARTY $1172.14 A MONTH..BEEN ONTIME EVERY MONTH..I AM IN OREGON..BAD MARKET FOR SELLING ...BUT I MAY HAVE NOT CHOICE..IS THERE ANYTHING I CAN DO TO KEEP FROM LOSING IT?? BOTH OUR NAMES ARE ON THE CONRACT. MY MOTHER HOMESTEADED HER HOME IN CALIF. YRS AGO WHEN MY FATHER DIED..WHAT ARE THE SPECS ON THIS TYPE OF DEAL?
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10148
Location: Nevada
941.94 Dollars($)
Post Posted: Mon Nov 24, 2008 12:40 am    Post subject:
Like 0
Dislike 0

Hi ROSE COX!

You have mentioned that you brought the house from a private party. Did you go for owner financing or took the loan from a private lender? I agree with you that the market situation is bad. I think you should speak to the lender or the seller and check if they can offer you a loan modification or a repayment plan. If you get a repayment plan which suits you, then you will not have to lose the property.

Quote:
MY MOTHER HOMESTEADED HER HOME IN CALIF. YRS AGO WHEN MY FATHER DIED


I did not understand this portion of your query. I don't think your mother's homesteaded property has got to do anything with your property. It will be better if you can explain it.

Thanks.
lisa andrews

Guest







Post Posted: Tue Dec 09, 2008 9:06 am    Post subject: homestead?
Like 0
Dislike 0

we bought our house in march 2007, when the both of us had jobs. Recently we were both layed off and i recently got another job for lesser pay my husband is stil without work but being an electrician in the union we are hopful of work soon. Is homestead for us? Question
Icon Mini Profile Niicss
Niicss




Joined: 03 Oct 2005

Posts: 4770
Location: New Jersey
499.28 Dollars($)
Post Posted: Fri Dec 12, 2008 1:50 am    Post subject:
Like 0
Dislike 0

Hi lisa andrews

As far as I know, you can apply for homestead exemption on the property if the property is your primary residence and if you are the owner of the property. If you satisfy these ground, I think you will be able to apply for homestead. However, you should note that you cannot have more than one homestead or you will not be able to transfer homestead.

Thanks

_________________
Good is the Enemy of Great.
kathy55

Guest







Post Posted: Sun Jan 11, 2009 8:54 am    Post subject: home stead my hom
Like 0
Dislike 0

how do i file for homestead exemption?
Icon Mini Profile Samantha
Samantha
Community Mentor
Community Mentor



Joined: 16 Sep 2005

Posts: 1609
Location: MASSACHUSETTS
150.97 Dollars($)
Post Posted: Mon Jan 12, 2009 11:48 am    Post subject:
Like 0
Dislike 0

Please check out the page at http://www.mortgagefit.com/foreclosure/homestead-protectjudgment.html in order to know how to file for homestead.
_________________
Know how to compare lenders with mortgage booklet
Lyle

Guest







Post Posted: Tue Sep 01, 2009 10:07 am    Post subject: How to Homestead
Like 0
Dislike 0

I live in the state of Florida. I am trying to buy a home. i have to take a class that will help me in all of the right ways but i did not see anything about homesteading, just morgages. Can a person homestead when buying there firts home or do you have to own it first ??
Icon Mini Profile Niicss
Niicss




Joined: 03 Oct 2005

Posts: 4770
Location: New Jersey
499.28 Dollars($)
Post Posted: Wed Sep 02, 2009 2:11 am    Post subject:
Like 0
Dislike 0

You will have to buy the property first and then apply for a homestead. You can apply for homestead at your county assessor's office. They would help you in knowing about the application details.
_________________
Good is the Enemy of Great.
Bob In California

Guest







Post Posted: Sun Oct 18, 2009 3:01 am    Post subject: Re: California Homesteading
Like 0
Dislike 0

Hello,

When living in California your home is automatically homesteaded because of Calfiornia laws. The automatic exemption in California starts out at $50,000.00.

Here is a great website to help those in California.

Since I can not enter in web sites, do a google under, "California Estate Planning Practice Blog." The homestead expemtion goes up if with certain criteria. Copy and paste the site and you can read the laws on it.

Bob

_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile thewretched02





Joined: 23 Jun 2009

Posts: 115

23.92 Dollars($)
Post Posted: Wed Oct 21, 2009 3:08 pm    Post subject:
Like 0
Dislike 0

Justa question on homesteading - is there any down side? It sounds like a system entirely designed to protect a persons assets from access by creditors?
_________________
Home loan Mortgage refinance information
USA Debt Settlement and Consolidation - You may qualify for a free quote
Mortgage and home loan refinancing resources
Guest









Post Posted: Thu Oct 22, 2009 1:42 am    Post subject:
Like 0
Dislike 0

I don't think there are any disadvantages of homestead exemption. This is an exemption given to homeowners to protect their property from their creditors and also reduce their taxes to some extent.
george2

Guest







Post Posted: Mon Dec 14, 2009 10:19 am    Post subject: home stead
Like 0
Dislike 0

i own my own home and have lived here 21 yrs but have refianced and also have a home equity loan. the price of the house has went down about 8o,ooo which means we now owe a little less than it is worth. also have credit card dept that may go into collection soon. would home steading the house be a good thing to do for protection of my depts?
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10242
Location: ALASKA
1042.50 Dollars($)
Post Posted: Mon Dec 14, 2009 11:40 pm    Post subject:
Like 0
Dislike 0

Welcome george,

Homesteading your property will help you in saving it from the forced sale of the property. Thus, it will protect your property in case if your creditors plan to sell off your property in order to recover the debts.

_________________
Procrastination is the enemy of your financial success
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
1, 2  Next  
Page 1 of 2

 
Refinance Quotes
Call for Rates
888-485-7561
Speak to a lender now.

We will match calls to our toll free number with our network of lenders.

Ask Questions
Community Experts
Cliff Pape - market Analyst Cliff Pape
Market Analyst
Houston, Texas







Highlights
Related Readings
Bankruptcy
Mortgage Loan Modification
Mortgage after foreclosure
Avoid Foreclosure


Helpful References
Mortgage Terms
Mortgage News
Book Center
Mortgage Guide
Shop and Compare lenders


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

New and upcoming tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool





Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.244 seconds.