Homestead Exemption

News & Analysis as of

Brokerage Account is a Safe Account to Temporarily Hold Homestead Sale Proceeds for Reinvestment [Florida]

An individual sold his interest in a Florida homestead, and put a portion of the proceeds in two Wells Fargo brokerage investment accounts entitled “Fl. homestead account..” The account was invested in mutual funds and unit...more

Florida: Sun, Fun, and Sand or Back Taxes, Penalties, and Interest?

Do you own residential property in Florida? Do you also own residential property in another state? Some Florida counties have been cracking down on Florida Homestead exemption fraud, and you might be surprised to find you owe...more

Out of State Homestead Exemption Voids Florida Exemption [Florida]

Florida exempts a portion of a Florida homestead from ad valorem tax. This could save a taxpayer a few hundred dollars a year. The real economic value to such an exemption is that under Florida's Save our Homes provision, ad...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending March 11 & 18, 2016

REAL PROPERTY UPDATE - - Foreclosure/Standing: substitute plaintiff failed to establish standing to enforce note and fact that original plaintiff had filed original note endorsed in blank before assignment did not...more

The Lesson of In Re: Nealon – Homestead Is a Protection Worth Maximizing

Every Massachusetts homeowner should be aware of the opportunities that are available for protecting the equity in the family home. A recent bankruptcy case, In re: Nealon, reminds us of one such opportunity – the...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending January 29 & February 5, 2016

Real Property Update - Foreclosure/Standing: filing of original note and mortgage with assignment after complaint filed does not establish standing to sue at inception of suit where endorsement undated and assignment...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending October 30 & November 6, 2015

REAL PROPERTY UPDATE - Eminent Domain: property owners forced to defend against excessive litigation caused by condemning authority entitled to attorneys’ fees: (1) for hours defending excessive litigation, fees should...more

2015 Legislative Update: Summary Of Changes In School Law

ADMINISTRATION - LALI’S LAW (HEROIN CRISIS ACT) - Public Act 99-0480 - Effective Date: September 9, 2015 - School districts, public schools, or nonpublic schools may now authorize a school nurse or trained...more

Good News for Secured Creditors and Commercial Lessors in Chapter 13 Cases

A new administrative order was entered by Chief Judge Jennemann in the Middle District of Florida on August 10. The Middle District of Florida stretches from Jacksonville on the east coast, through Central Florida and down...more

Tax Changes Made by Maine's 127th Legislature

The Maine Legislature ended its tumultuous session on July 16, 2015. After an advisory opinion by the Maine Supreme Court, we now know which bills actually became law. As usual, a number of significant tax issues were...more

Florida Court of Appeals Reverses Foreclosure of Reverse Mortgage by Expanding the Definition of “Borrower” to Include Surviving...

Home equity conversion mortgages, commonly known as “reverse mortgages” are popular loan products in Florida. In order to foreclose on a reverse mortgage, the lender generally must allege that all conditions necessary to...more

Property Tax Notices (TRIM notices) are arriving in your mailbox shortly!

Property Appraisers in Florida will send out Truth in Millage (TRIM) notices to all property owners at some point in the next two weeks. These TRIM notices will show the property tax assessments and market values for 2015,...more

Florida Appellate Court Rules Non-Signing Spouse in Reverse Mortgage is Protected from Foreclosure

On July 15, a three-judge panel of the Florida Third District Court of Appeal issued its opinion in Smith v. Reverse Mortgage Solutions, Inc., 2015 WL 4257632. In 2008, Mr. Smith took out a reverse mortgage on his home where...more

The Ohio Supreme Court Places Limitations on the Ohio Bright Line Income Tax Residency Presumption

On July 8, 2015, the Ohio Supreme Court found that Ohio nonresidents may not claim the benefit of the Ohio “bright line” presumption of nonresidency for income tax purposes if the taxpayer attests to having a domicile outside...more

Home Sweet Homestead

Suppose a debtor denies owning a home and then gives a false address so creditors don’t find out about the home. Can the debtor still claim the homestead exemption in bankruptcy?...more

Recent Developments Concerning the Right of Redemption Relating to Homestead Property: Act of Apr. 23, 2015, Alabama Senate Bill...

Under current Alabama law, an interested party (e.g., mortgagor, junior mortgagor, judgment creditor) may redeem real property sold at foreclosure within one (1) year of the date of the foreclosure sale. See ALA.CODE...more

Alabama Homestead and Personal Property Exemptions Increased

On June 11, 2016, Governor Bentley (Alabama) signed into law ACT No. 2015-484 which became effective that same day. The law increases the personal property exemption available to individual debtors and surviving spouses to...more

Amendments to Condominium Termination Law Impede Ability to Terminate

Responding to perceived abuses in condominium terminations, the 2015 Florida Legislature passed Chapter 2015-175, amending the termination provisions of the Condominium Act. This statute clears up certain problems experienced...more

Alabama Legislature Amends Redemption Statute

The Alabama Legislature recently amended sections 6-5-248, 6-5-252, and 8-1-172 of the Alabama Code, which govern redemption in the State of Alabama. Prior to the amendments, the redemption period for all real property was...more

Massachusetts Bankruptcy Court Holds that Homestead Protection is Available for Certain Home Offices

The United States Bankruptcy Court for the District of Massachusetts recently issued a decision in the case of In re Walter D. Catton, Jr. shedding light on the Massachusetts homestead statute and its application to home...more

Real Property, Financial Services & Title Insurance Update: Week Ending March 6 & 13, 2015

Real Property Update: Deed Restriction: genuine issue of material facts remains concerning whether original parties to deed with restrictions contemplated future unilateral amendments to restrictions that would bind...more

Temporary Investment of Homestead Sale Proceeds in Marketable Securities Does Not Jeopardize Protected Status [Florida]

In 2010, Patrick Sill had a $740,487.22 judgment entered against him. In October 2013, he sold his homestead and deposited his $458,696.67 share of the sale proceeds into a Wells Fargo investment account entitled “FL...more

Surviving Spouse Not Obligated To Refile Homestead Exemption–Martin County's $283,070 Tax Bill Voided [Florida]

Florida taxpayers that apply for and receive a homestead exemption receive a reduction on their ad valorem taxes. Perhaps more importantly, the homestead become subject to the "Save Our Homes" annual 3% limit on increases in...more

Real Property, Financial Services & Title Insurance Update: Week Ending February 27, 2015

Foreclosure/Statute of Limitations: filing date of amended complaint for purposes of statute of limitations relates back to filing date of original complaint – HSBC Bank USA, National Association as Trustee for Nomura Asset...more

Change in Illinois Property Tax Code Establishes Waiver Distribution Payments

Taxing districts in Cook County may see a slight increase in the funds they receive because of a new type of collection referred to as an Exemption Waiver Distribution. This new collection was established by an amendment to...more

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