In tough $$$ times right now? If any of my fellow DU'ers are in

[yy4me]

danger of losing their homes, or if any of the folks you know are in difficulty, check out the Homesteading" laws of your state. Your local town or city hall will be able to fill you in on how to file. I am not sure of the particulars but I do know that the law will protect your home ownership in some instances. An associate at my place of work has been under some severe financial difficulty and before filing for bankruptcy, somehow took advantage of the law and protected herself from the loss of her house. I wish I could explain it but I don't know what it involves.

[caseycoon]

1. K&R n/t

[annabanana]

2. k&r. . . . . . . . . n/t

[RebelOne]

3. You do not lose your house when you file for bankruptcy.

Your house and car are safe. All the court does is reaffirm the loans. Believe me, I know. I have filed twice. I'm under a Chapter 13 right now.

[Vinca]

7. It depends on the state. In my state, I think you get to keep $50,000

of the value of the home, so unless you live in an older mobile home, you're pretty much out. Other states, Florida, for example, let you keep the whole thing.

[Uben]

4. Homestead exemption.....

.....only protects you from creditors taking your house in financially hard times. The institution who holds the note (if there is one) on the house can still foreclose.

[meegbear]

5. I am actually getting one now ...

my sister is a real estate paralegal and when I purchased my condo back in 2006, she said I should get a homestead at some point.

I have the document and need to get it notorized. Sis has the mortgage info, etc. so it'll be done shortly. I currently am not having any property issues, but for a simple document to do so much protection, it's well worth it.

[KharmaTrain]

6. Some Of Those Laws Were Superceded By The Bankruptcy Bill

Yes...check with state laws, but recently there was a case in this area of a family who had their home foreclosed on...and they tried to file bankruptcy and declare the "Homestead exemption" (which is what I think you're refering to). The case was thrown out as the new bankruptcy bill...a federal law...trumped the local or state statues. Declaring Chapter 11 did nothing...it's totally worthless now as the laws are so draconian that any default on a loan can trigger a foreclosure or reposession with little redress. Wanna know why we're in the financial mess that we're in? Thank all those, including Democrats, who voted in favor of this abmoniation.

[warren pease]

8. Unfortunately, I'm a complete moron and could use the help of a smart person to translate this...

Thanks in advance.

As a freelancer, my annual income is completely unpredictable, as is when I'll get paid. Net 30 doesn't quite mean what it used to. So I think it's sensible to understand various worst case scenarios and try to insulate myself against them. I get the feeling that the Homesteading Exemption is one such way to keep the wolves at bay.

Unfortunately, while I recognize each of the words below, I don't have a clue what they mean when combined into this blurb.

In Oregon, the homestead exemption is limited to $25,000 in value for one (1) person and $33,000 for two (2) or more persons. The exemption does not apply against taxes for purchase or improvement of the homestead. If a husband and wife own a homestead, the law usually requires that both of them sign a conveyance or mortgage regarding the real estate for it to be applicable or enforceable against both spouses. Oregon Code §23.164, .240 through .300.

Can anyone rephrase this in our native tongue?


Thanks again,

wp

[lonestarnot]

9. Yes.

Call a lawyer.