On 5/1/2012 4:50 PM, HeyBub wrote:
Doug wrote:
On Tue, 01 May 2012 13:07:19 -0700, wrote:

On Tue, 01 May 2012 12:47:34 -0700,
wrote:

I'm facing the same question, whether I can or should sell a house
in this awful market or try to rent it out to carry for a couple of
years, and if so just what to include.

Become the banker. Sell the cabin to the renter. If you hold the
paper know when to foreclose.



As long as you know that a bankruptcy can stop a foreclosure dead in
its tracks (well at least in Texas). Going thru this now for the 2nd
time on a house I hold the paper to.

In Texas, a homestead declaration can protect a home from seizure in
bankruptcy or other debt, with three exceptions:
1. Taxes,
2. A loan to BUY the property,
3. A loan to IMPROVE the property.

Florida has the same or similar protections. I don't know about other
states.


Very important for seniors and disabled. Remember to vote AND look for
this on the ballot.

You MUST vote in May to keep the Homestead tax cap for 65 and over, even
if you are not 65 yet. If you are a Texas homeowner then this is
important to YOU, no matter what your current age, or if you are
disabled or not. It WILL BENEFIT YOU in the future. It is also very
important to your relatives/friends who are in one of these groups
already. If you agree, please pass along to all on your TEXAS Residents
email lists.

I am sending this email to everyone on my email address list who lives
in Texas. I want to be certain you are aware of a constitutional
amendment that will be on the ballot at the May election. It is an
amendment to correct an error made by the lawmakers when they voted for
a reduction in school property taxes in 2005.

When the lawmakers voted for a one-third reduction in school property
taxes beginning in 2006 and to be completed this year, they FORGOT about
the Homestead Exemption for senior citizens (65 and older) and people
with disabilities. The state constitution caps school property taxes for
homeowners 65 years and older and those who are disabled.
However, they DID NOT get the same reduction when the property tax cut
for schools was voted on two years ago.

So an amendment is on the May ballot to correct this error.