Will a Homestead protect my property from a trustee sale?
449887
For bankruptcy purposes, yes your house will not be included in the assets being liquidated depending on the laws of the state.  But typically not (not here in FL at least)\n\nIn a foreclosure situation, no... just makes it a little harder to foreclose.
224640
In most states if you fall behind 90 days your lender will begin the foreclosure process. You will receive a notice posted on your house(and sometimes in the paper)of the "Trustees Sale" (depending on which state) This will recorded in the county where the property resides. It will list the scheduled date of the Trustees Sale, the last date you can redeem and for how much. If you are in this situation and you have any equity in the property you should do anything you can to save your home and your credit. There are investors/buyers all over advertising that they pay cash for homes. Interview them and find the best deal for your situation. You may be able to sell your house, pay off the mortgage and walk away with some cash.\n\nGood Luck
1130648
Your deed of trust probably contains a clause that asserts the lender's right to establish an escrow account if you allow your property taxes or home owner's insurance to default. \n\nSince property tax liens take precedence over the lender's first lien position,it endangers their interest in the property.  This is how they protect their position on the property title.\n\nOnce you have an escrow account, the tax and insurance portion of the payment becomes a part of the entire payment.  Any shortage is just that, a short payment and you will be reported delinquent accordingly.\n\nSorry, I know this isn't what you want to hear but they wouldn't have forced an escrow if you had maintained the payments necessary to protect their lien position.
552888
It depends on the city or jurisdiction where the property is. In my city, the Homestead Exemption gets me the first $50,000 of my home's assessed value free of taxes, and gets me a cap of no more than an 8% increase in the dollar amount of taxes paid in any year. Pretty nice! \n\nYour realtor can give you all the in's and out's of your area's Homestead Exemption as well as help you enroll. Normally it is a short form added to your regular home purchase forms (like one more form is going to make a difference in that mountain of paper!) plus each year at tax time you usually have to send back a form to confirm you are still living in the home (as opposed to renting it out which would usually cause you to lose the exemption).
645093
Land used for a certain amount of time to provide access to another's property becomes tantamount to their property.  It is known as adverse possession. Actually, in this case it would become public domain and thereafter you don't have the right to close it back off when you decide you want to do so.  (If they have frontage to a road elsewhere, they need to build their gate there.)\nBe prepared to lose a chunk of your land.  Or you could close it off and offer to sell that piece if they are interested.  If nothing else, a lease of that access and a waiver in case of accidents would protect you and your property rights.  These situations can get VERY sticky, so exercise your property rights or go get a lawyer.  In some states (such as Texas) it's illegal to sell land that does not have access.
393440
She can do this, but it may count as a taxable gift since she will have basically deeded over 1/2 interest in the property to you.\nBetter that she puts the property in a trust with her as the trustee and you as beneficiary.  It can then pass to you with no tax consequence and avoid probate.
262384
Some Common Q&A on Filing a Homestead Exemption on your principal residence follows.  Check with your local County Tax Assessor or Tax Collector Office for filing forms and/or more info.  Hope this helps!\n\nQ: What is the homestead exemption? \n\nA: The homestead exemption is a statutory protection where-by a homeowner's equity in his or her residence may be protected from judgements, liens and creditors. \n\nQ: How does the homestead exemption work? \n\nA: If a court has ordered the sale of a home to satisfy a judgement, a certain amount of the equity maybe protected and retained by the homeowner. \n\nQ: How much of the equity does the homestead exemption protect? \n\nA: The amount protected is $50,000 for single homeowners, $75,000 for families, and $100,000 for seniors, disabled and low-income homeowners earning $15,000 or less annually. \n\nQ: How do I qualify for the homestead exemption? \n\nA: In order to qualify, a home must be the principal place of residence, and the homeowner may have only one exemption at a time. \n\nQ: Are there any restrictions to the homestead exemption? \n\nA: Yes. A homestead exemption will not prevent foreclosure by a lender, mechanic's liens, seizure and sale for back taxes, or to avoid paying child support or alimony. \n\nQ: What do I have to do in order to receive a homestead exemption? \n\nA: In order to receive this exemption, you must record a Declaration of Homestead with the Recorder/County Clerk's Office. \n\nQ: What is a Declaration of Homestead? \n\nA: A Declaration of Homestead is a document that names the declared homestead owner, describes the homesteaded property and states that the property is the homestead owner's principal place of residence. \n\nQ: Where can I get more information about the homestead exemption? \n\nA: For more information about the homestead exemption, contact your legal adviser.
81787
We did something similar but transferred it to a Family Trust.\n\nHowever, transferring the deed to you is entirely possible.  The only thing is that when you sell this property, your capital gains will be based on your initial cost of $0.  Therefore, you will pay higher Capital Gains tax later on. \n\nThis should of course be offset by you getting this property for free, and really depends on your tax bracket.\n\nIs there a mortgage on this property?  If so, you can still transfer the deed to you.
851696
I know I am not answering your question, but I do not know a place to send you for the information you are looking for.  I am a Landlord of 23 properties in Florida and I can answer specific questions you may have, to a limit.  Insurance you need to have homeowners Insurance and tell your agent that the house will be a rental, that way you are not paying for all items in the house, unless of course you are renting a furnished unit.  I have no special account, all the monies go into my personal account and all repairs come out of my personal account.  You will pay tax on the profit you make, I am not an accountant so I don't know what your tax implications would be, an accountant can answer that for you.  If you have any other questions please feel free to add details post another question or you can email me through Yahoo Answers.  Good Luck KG
76299
Yes they can and will foreclose on your property.  Pay your dues.  It's very rare but they will and can do it.
1014341
Yes, you can.  As long as the trustee didn't try to sell the house.  \n\nDana Anderson, bankruptcy lawyer.
843784
Call the county (or State) tax department and ask if they auction  tax liens.....some do and some don't. Some auction the property for complete ownership to pay the tax lien, some don't....depends on the county/state\n\nMike\n\n====================
298906
It depends if the trust is revocable or not revocable.  It also depends on whether you transferred the house to your children's trust when you were insolvent.  It also depends if you transferred the house to your children's trust to hinder, delay or defraud your creditors.  Transfers like this might be avoidable as fraudulent transfers by a trustee in bankruptcy.  And depending on the law in your state, there could be a "look-back" period of up to 6 years or under certain circumstances, 10 years.\n\nHowever, if you were solvent after making this transfer and made it with no intent to hinder, delay or defraud, such a transfer may withstand attack by a trustee in bankruptcy.  Much depends on the facts of each particular case.
206828
Hi, \n\nHere's a really great site I found that offers legal advice and helpful info on Living Trusts and Avoiding Probate.  http://www.nolo.com/resource.cfm/catID/9F594B71-B41B-4513-923BF19B4D9ACDAA/309/227/
230411
You do NOT want to take any property out of the trust.  This type of situation is the main reason that you have a living trust.  If your grandmother is incapacitated and cannot make financial decisions, than more than likely there is a provision in the trust for the successor trustee to take over as the trustee.  If she is not incapacitated, but she does not want to or can't make the financial decisions than she can resign as the trustee and appoint a new trustee to handle her affairs.\n\nI can't stress this enough, before you do anything, you need to take the trust document to an attorney, preferably the attorney that wrote the trust and get some advice.
942636
No, the Trust would be responsible for paying the capital gains tax on the gain realized by the Trust upon the sale of the property, in the year of sale
286178
No. You can keep part of it if you have an exemption under state law or have not used all the wildcard or homestead exemption under federal law.