Posted on: 15th Mar, 2007 10:39 am
Hi! My father owns two houses. He lives in one and I live in the other. The house that I live in does not have homestead exception and the insurance on it has double recently. If my father signs a quitclaim deed for me would I then be able to claim homestead exception on the house as well as look for a cheaper insurance policy?
Yes Jay after your father quit claims the house you will be able to claim homestead exemption if you meet other requirements. To claim exemption a person should have ownership rights over the property, which you will get after it is quit claimed to you.
Bruce Lamb
Bruce Lamb
You can apply for homestead exemption after you get ownership on the property.
Hi Jay,
Welcome to the forums.
Once you get the title to the property in your name, you will be able to apply for homestead exemption. Regarding the insurance policy, I am not so sure. Anyway, you can still have a talk with the insurance company and find out if they are willing to change the policy. They may ask you for an additional sum of money.
Thanks,
Sara
Welcome to the forums.
Once you get the title to the property in your name, you will be able to apply for homestead exemption. Regarding the insurance policy, I am not so sure. Anyway, you can still have a talk with the insurance company and find out if they are willing to change the policy. They may ask you for an additional sum of money.
Thanks,
Sara
My father left me a house years ago. My boyfriend and I many years later tore down the house and had a new on built.My boyfried got the loan as I was a hairdresser and didn't have the income. This was 15 years ago. 6 mo ago I got a flesh eating desease and was in the hospital 4 1/2 months and wasn't working and can't return to work. I want to homestead or quitclaim to my boyfriend. I have 4 charge cards that I have never even been a day late now I have no sourse of income I am being put on medical as I had no health insurance. If I homestead the property and then file bankruptcy to get rid of the credit cards will this save my 50% interest in this home. My hospital bills at this time are well over $500,000 up to now and more will be coming. I am 57 years old and will be getting perm disability. As I can't walk or get around anymore can you help me?
Hi Sharon!
I understand your situation and pray to the Almighty that you get well soon. If you are planning for a quitclaim deed to your boyfriend, then I don't think you will be able to file bankruptcy within a year. The federal exemptions are can be somewhere around $18,450 in a homestead. Its better you consult an attorney and know the right amount.
May God bless you!
Thanks,
Jerry
I understand your situation and pray to the Almighty that you get well soon. If you are planning for a quitclaim deed to your boyfriend, then I don't think you will be able to file bankruptcy within a year. The federal exemptions are can be somewhere around $18,450 in a homestead. Its better you consult an attorney and know the right amount.
May God bless you!
Thanks,
Jerry