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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Your primary residence Posted by Ward-CA- on January 11, 2010 at 8:58 PM In Reply to: Homestead property and income property - where to keep the homestead posted by E G on January 11, 2010 at 12:43 AM You can only homestead your primary residence. So once you move out you will have to move your homestead to your next residence. ------Ward ================ : Hi, like many here I am going through foreclosure. At this point, I have tried modifying my loan 3 times and even 2 short sale offers, but in both cases I was denied by the bank. : At this point I am planing to move to my income property which just became available (don't want to rent it again and risk not having where to live if foreclosure continues)... As for what is now my homestead property, I just want it gone - sold or back to the banks hands. : Based on that - what to do? Should I keep my homestead on the foreclosure home because the homestead would help more there - or try and defend the income property which I really want to keep by moving the homestead to that? I really don't want the bank to try and take my income property from me, this is where I want to live in the future (I like it and can afford it). : If I do move the homestead to the income property I will be liable for the difference of price sold/debt for my now homesteaded property - because then that property will become an income property - no? : Exhausted and confused in Florida, : Ed Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : You can only homestead your primary residence. So once you move out you will have to move your homestead to your next residence. : ------Ward : ================ : : Hi, like many here I am going through foreclosure. At this point, I have tried modifying my loan 3 times and even 2 short sale offers, but in both cases I was denied by the bank. : : At this point I am planing to move to my income property which just became available (don't want to rent it again and risk not having where to live if foreclosure continues)... As for what is now my homestead property, I just want it gone - sold or back to the banks hands. : : Based on that - what to do? Should I keep my homestead on the foreclosure home because the homestead would help more there - or try and defend the income property which I really want to keep by moving the homestead to that? I really don't want the bank to try and take my income property from me, this is where I want to live in the future (I like it and can afford it). : : If I do move the homestead to the income property I will be liable for the difference of price sold/debt for my now homesteaded property - because then that property will become an income property - no? : : Exhausted and confused in Florida, : : Ed [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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