Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Jim McMannis who wrote (51402)	4/4/2006 8:59:17 PM
From: ChanceIs	Respond to of 306849

>>>I dunno if the law was changed but in FL they can't take your primary residence from BK.<<< I don't know about primary residences in Florida, but many states have rules against taking someone's means of making a living. Some of the rules are ancient. For example, in Virginia, an anvil can't be foreclosed. Now I understand that in Florida, they can't take your ranch under that concept. You use your ranch to make a living. Hence when things got rough for George Steinbrenner once, he bought a huge ranch in Florida with all his spare cash, and then filed. Only in the US.

To: Jim McMannis who wrote (51402)	4/4/2006 9:09:57 PM
From: CalculatedRisk	Read Replies (2) \| Respond to of 306849

The basics of Florida's Homestead protection: Its a protection against court judgments, except: a) failure to pay taxes (the government can take your home), b) failure to pay mortgage on said home (a lender can foreclose on your home), c) failure to pay contractors that worked on said home. To qualify, it must be your primary residence. For rural land, you can protect upto 160 contiguous acres. For land within a municipality, the protection is for upto one-half acre of land. If you go BK, you still have to pay your mortgage or lose your home. Its not clear to me if you have to pay a HELOC.