Posted on: 19th Dec, 2009 09:18 pm
I want to homestead a home I'm buying. It will be my only proerty. Woyuld a creditor check this out if I go ahead and rent it?? I am paying cash and afraid of a lawsuit.
Hi ladyjim,
You've said that you are paying cash in order to buy the property. In that case, the creditor won't sue you for anything. However, you should note that a homestead is available for a principle residence. If you're renting it out, your property may not qualify for homestead.
You've said that you are paying cash in order to buy the property. In that case, the creditor won't sue you for anything. However, you should note that a homestead is available for a principle residence. If you're renting it out, your property may not qualify for homestead.