Nine Homestead Exemption People Should Know Of
There are certainly several things that people should know about the homestead exemption Texas. One of these exemptions is the purchase money lien. This is the lien which properly secures the property's purchase price. The property can be sold off by the creditor since there is no immunity against doing so with the existence of the purchase money lien.
There are also those people who knows that the ad valorem taxes are one of them. This is the kind of tax lien that is attached to the chosen property, most specifically on the first year that the property taxes are owed. The property will then have to be sold so the delinquent tax debts are satisfied.
There are more than two in the line up for exemptions. Another one is actually the mechanics and materialman liens. With the said lien, it is possible for the improvements done in the property to be valid for the lien. He should learn about the requirements to make this a valid lien so that he can do something about this on his own or with the help of a professional.
It is also another known matter that the Owelty of Partition lien is one of the many exemptions the person should be wary of. This usually refers to an unequal division of property because of co-tenancy. It will make a big difference on his transaction if he is not certain on who gets the bigger portion and who gets the smaller one. It will be easy if it is divided equally, though.
There is the refinancing as well. This is included in the exemptions since there is a valid lien against it. With the refinancing, it is up to the bank whether they will offer the person the option of refinancing their lien. This refinancing could be at an additional five years with a five percent annual interest rate.
Home equity loans might be a bad thing for him too if he is faced with this crisis. The home equity loans usually use the house as collateral to a value equal to the house. With this loan, this will not have the immunity for the creditors.
The person should familiarize himself with the reverse mortgage too. This is one of those exemptions which he has to be keen about. If he is not keen on it, then he will certainly end up grasping the short end of the stick. He will definitely end up letting go of his own estate this way.
Another one is the manufactured home refinancing. The house is converted and refinanced as personal property lien. It will be bad for him if he gets caught up in the bad end of the deal for this refinancing since he might end up losing his own house.
There is the preexisting liens. The said lien is also considered to be a homestead exemption Texas. He should prepare well so that he does not end up with no roof above his head because of the preexisting liens.
There are also those people who knows that the ad valorem taxes are one of them. This is the kind of tax lien that is attached to the chosen property, most specifically on the first year that the property taxes are owed. The property will then have to be sold so the delinquent tax debts are satisfied.
There are more than two in the line up for exemptions. Another one is actually the mechanics and materialman liens. With the said lien, it is possible for the improvements done in the property to be valid for the lien. He should learn about the requirements to make this a valid lien so that he can do something about this on his own or with the help of a professional.
It is also another known matter that the Owelty of Partition lien is one of the many exemptions the person should be wary of. This usually refers to an unequal division of property because of co-tenancy. It will make a big difference on his transaction if he is not certain on who gets the bigger portion and who gets the smaller one. It will be easy if it is divided equally, though.
There is the refinancing as well. This is included in the exemptions since there is a valid lien against it. With the refinancing, it is up to the bank whether they will offer the person the option of refinancing their lien. This refinancing could be at an additional five years with a five percent annual interest rate.
Home equity loans might be a bad thing for him too if he is faced with this crisis. The home equity loans usually use the house as collateral to a value equal to the house. With this loan, this will not have the immunity for the creditors.
The person should familiarize himself with the reverse mortgage too. This is one of those exemptions which he has to be keen about. If he is not keen on it, then he will certainly end up grasping the short end of the stick. He will definitely end up letting go of his own estate this way.
Another one is the manufactured home refinancing. The house is converted and refinanced as personal property lien. It will be bad for him if he gets caught up in the bad end of the deal for this refinancing since he might end up losing his own house.
There is the preexisting liens. The said lien is also considered to be a homestead exemption Texas. He should prepare well so that he does not end up with no roof above his head because of the preexisting liens.
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posted by Vittoria @ March 21, 2013
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