Questions and Professional Answers
Questions and Professional Answers
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Out of State Homestead
I moved to Nevada due to a job change and left my home in California. It is occupied by relatives who are helping me make the payments. I would like to return to this home after my job ends & I go there off and on. This house has a lot of equity. I would like to file Bankruptcy to eliminate credit card and other debts. Can I claim a Nevada homestead on the California house & file Bankruptcy in Nevada?-
Re: Out of State Homestead
No, you must live in the home at the time you claim the homestead and in must be in this jurisdiction.
Stan Johnson
Cohen, Johnson, Day, Jones & Royal
4475 So. Pecos Road
Las Vegas, NV 89014 -
Re: Out of State Homestead
No. You must file your homestead in the state where the home is located. You are supposed to be living in the home that is homesteaded.
James Smith
James E. Smith Ltd.
7251 W. Lake Mead Blvd., Suite 300
Las Vegas, NV 89128
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declaration of homestead
My parents live in arizona I have suggested that they homestead thier home, having done this simply in nevada myself. we cannot locata ahomestead form or much info for arizona homestead . I was able to get my form from my county asserssors office, my parents in arizona are having trouble locating the form, information on qarizona homestead.-
Re: declaration of homestead
In Arizona the homestead exemption is $150,000 and it applies automatically. No documents are required.
Brian Blum
Blum Law Office, PLC
2501 N. Hayden Rd., Suite 101
Scottsdale, AZ 85257 -
Re: declaration of homestead
This is rarely done anymore, since bankruptcy laws allow you to declare the homestead even after filing bankruptcy. If there are no creditors who would attempt to execute on the home, why do it?
James Jenkins
Jenkins Law Center PLC
6315 East Main Street, Suite One
Mesa, AZ 85205
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Homestead Act (Nevada)
I refinanced my home last year (2007) but didn't update my Homestead application. I am married but the Mortgage loan is in my name only because my wife wouldn't qualify for a reasonable rate of interest due to her bad credit scores. Can I qualify for a new Homestead application as a single person or does my wife have to be listed as well?-
Re: Homestead Act (Nevada)
You don't need to change your homestead unless you want to. You can do a new one to add your wife but if she was sued, I think that the homestead would prevent the sale of your house.
Jeffrey Cogan
Jeffrey A. Cogan, Esq., Ltd.
3990 Vegas Drive
Las Vegas, NV 89108
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homestead versus living trust
I previously recorded a homestead of my home with my county recorder in Nevada. I later recorded a grant deed and certification of trust with the county recorder for the same property that transfered ownership to my revocable living trust. Do I now have to record a new homestead for this property or is the previous homestead recording still valid?-
Re: homestead versus living trust
You brought up an interesting legal issue. Technically, I don't think that a living trust can declare a homestead as homesteads are for the protection of a family residence. But the fact that your assets are placed in a living trust does not necessarily protect it from creditors. Any creditors would likely be seeking a judgment against you and so I would suggest that the homestead remain in your name for your protection as against your revocable living trust. Your question would not, however, be governed by Calfornia law so it would require more research into NV law. Please contact us if you would like us to research this issue more thoroughly for you.The information provided to you is of a general nature. We hope this information has been helpful to you, but you should always obtain competent legal counsel who is familiar with your specific legal issues to determine the best course of action. If we can help you in the future with anything, please feel free to email or contact us at www.unalaw.com
Jason Hsu
Una Law Corporation
3550 Wilshire Blvd. #1930
Los Angeles, CA 90010
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declaration of homestead
We purchased our home in 3/97 and filed a declaration of homestead in massachusetts. We refinanced in Jan 1998 and were not required to re-file the homestead. We just refinanced again this month with a different lender who required us to release (or waive ) the homestead. Now i have to re-file it........why would a lender require a release on the homestead?Second part of my question is we have a judgement for a credit card which has not been executed yet......since we had to release the homestead to refinance does this leave our home vulnerable....or does refiling the homestead take care of that......the debt was from 1997 and thats when we filed the original homestead. (homestead was filed before the debt began)-
Re: declaration of homestead
The new bank asked you to relese the homestead because it doesn't understand that mortgages are not affected by homesteads; homestead protect the equity in your home >above< any mortgages. The credit card part of your question is interesting; I would argue that the original homestead protected the home against the execution. Keep in mind, however, that a really nasty creditor could still force a sale of the home in certain circumstances, so don't think that the homestead is absolute protection! Best wishes.
David Baker
Law Office of David Baker
236 Huntington Avenue, Room 306
Boston, MA 02115
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Texas Homestead Law clarification
A creditor has won a judgment against us and filed a lien on our homestead property.We currently rent the property but intend to return to our homestead in the near future. We have not established a new homestead.Q:Who long can we rent our homestead and still keep the exemption?Can we sell the property with a clear title. Does the lien hurt our ability to sell the homestead property?-
Re: Texas Homestead Law clarification
The fact that the property is rented raises a question as to homestead exemption. As it presently stands, you cannot sell with a clear title since the lien attaches to all property that you won in that county.Getting an attorney to clear your title may result in a lawsuit to prove up homestead.
Peter Bradie
Bradie, Bradie & Bradie
6606 FM 1488, Suite 148-363
Magnolia, TX 77354-2544
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Nevada Residency
I own a home in Nevada which I rent out. I live and work (for the moment) in California. I'll move to Nevada in perhaps a year. Can I legally become a Nevada resident now...while still living and working in California?-
Re: Nevada Residency
Being a resident means your principle place of residing is in that location. You do not do anything in Nevada except own a property there. So the answer clearly is no.
George Shers
Law Offices of Georges H. Shers
4170 Glenwood Terrace, Suite #1
Union City, CA 94587 -
Re: Nevada Residency
Your question is probably better thought of as regarding DISclaiming California residency that claiming Nevada residency, and therefore should be answered with reference to California law.California will determine whether you reside here based on a combination of factors, including:1. Where you actually hang your hat, i.e., where you spend the night most of the time;2. Where you get a paycheck or run your business;3. Where your car is registered;4. Where you are registered to vote;5. Where you get your mail;6. Where your kids go to school;7. The area code of your principal phone;and similar factors, with the heaviest weight on #1. It is not a matter on which you can simply make an election; it is a question of fact.
Bryan Whipple
Bryan R. R. Whipple, Attorney at Law
P O Box 318
Tomales, CA 94971-0318
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Homestead Deed, Viginia
Aside from the answer I saw posted here, does the Homestead Deed, or exemption protect your house, or homestead as long as you make payments on time?A lender considering issuing me an equity credit line is qestioning me about their wish to ''remove'' the Homestead (exemption) Deed in place since my C7 in 2003.The broker has said ''they think they can work around the Homestead Deed''.Does this mean it protects me and they want to nullify that protection?-
Re: Homestead Deed, Viginia
You can't "remove" a homestead deed. It may protect you to an extent from judgment liens, but not from a mortgage/deed of trust.
Daniel Press
Chung & Press, P.C.
6718 Whittier Ave., Suite 200
Mclean, VA 22101
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Homestead Protection
We have been advised by an associate to ''Homestead'' our house. All definitions related to Homestead that I have seen on the internet say that it is designed to protect you from creditors. Does is also protect you from a disgrunteled customer who may be seeking legal and/or financial recourse? Are there tax or title impications involved with Homestead? Please advise. Thanks very much for your help!-
Re: Homestead Protection
A homestead recorded in the County in which your residence is located will protect any excess value of your home, over and above any loans you may have on the home, up to the maximum amount of your statutory homestead protection. In California that amount is $75,000.00 for a husband and wife, (unless one of you is disabled, over 65, etc., in which case it is $150,000.00). For example, if you have a house worth $500,00.00 and you have loans of $400,000.00 on that house, then your equity is $100,000.00, and $75,000.00 would be protected if you record a homestead. A disgruntled creditor is of concern only if he files suit, wins and gets a jdugment, in which case he could seek to satisfy that judgment out of the equity in your home. There is no tax impact, but every time you get a new loan, you will have to "release" the homestead, but you can then re-record it. Note: some people erroneously believe that it protects you from foreclosure by a lender from whom you have obtained a loan; it does not.
Judith Deming
Deming & Associates
5334 E. Chapman Avenue, Suite 100
Orange, CA 932869 -
Re: Homestead Protection
In addition to the home equity protection given by a recorded declaration of homestead, you already have a so-called 'automatic homestead' in that California law exempts certain property, including some home equity, from execution and levy to satisfy judgments.The overlap is sufficient to reduce and sometimes eliminate any advantage from filing a homestead. Also, in some situations, filing a declaration of homestead can be a red flag to creditors, plaintiffs, or other people you do business with, calling attention to your fears.I'm not saying don't do it, just giving you the rest of the picture.
Bryan Whipple
Bryan R. R. Whipple, Attorney at Law
P O Box 318
Tomales, CA 94971-0318
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Declaration of Homestead Coverage one or both married spouses?
Hello, I live in Massachusetts. I am a female and I own my home currently with my husband as Tennents by entirety and do have a mortgage. I put a homestead on the property with my first husband, we were divorced and I kept the homestead revised in my name (it was always in just my name) and I did remarry and updated my name to reflect my married name. MY QUESTION: My husband has a creditor who is trying to put a lien to attach my house & property. Can the creditor do that even though I soley have a homestead in my name on the property and not my husband? How does that work and does it matter if the holder of the homestead act is male or female or has to be the husband? Can husband put on a homestead in his name as well or do we have to redue as husband and wife a new homestead declaration? Thank you.-
Re: Declaration of Homestead Coverage one or both married spouses?
Only one person may record a Declaration of Homestead. If two or more people sign the homestead declaration, it is NOT invalid, but it is valid for the FIRST person to sign it. On the other hand, a homestead is for the benefit of the entire family, so your husband benefits from your homestead, too. A homestead does not prevent a creditor from getting a lien. It would only prevent the creditor from collecting any money when the home is sold or the mortgage refinanced so long as the debt arose after the homestead.
David Baker
Law Office of David Baker
236 Huntington Avenue, Room 306
Boston, MA 02115
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