On 5/2/2012 12:13 PM, Oren wrote:
On Tue, 1 May 2012 16:50:33 -0500,
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.

I'm not sure if a rental property is eligible for a declaration of
homestead? Generally a primary residence.

My state* you have to record the homestead at the local clerk's
office.

My basic understanding is that the owner's equity is protected from
creditors.

Anyone reading this thread for advice, rather than just to shoot the
breeze, needs to consult an attorney.