How to Homestead your house

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

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?

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.

"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.

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? :?:

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

how do i file for homestead exemption?

Please check out the page at http://www.mortgagefit.com/foreclosure/homestead-protectjudgment.html in order to know how to file for homestead.

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 ??

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.

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

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?

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.

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?

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.

it looks like the condo I'm buying does not have homestead exemption on it (based on info provided on mls). I plan to close either last week of february or first week of March. Am I going to pay higher taxes even though I plan to make this my primary residence? I will be living in orange county, FL and the deadline to file for homestead is March 1st. But I think that is for next year's taxes. Will I have to dish out an additional $4000 when I close on the condo(with homestead exemption it would be $1400)? Is there any way around not having to pay unnecessary higher taxes?