"BAR" wrote in message
. ..
Calif Bill wrote:
wrote in message
...
On Jan 31, 2:59 pm, wrote:
On Jan 31, 2:26 pm, HK wrote:





wrote:
On Jan 31, 11:33 am, HK wrote:
wrote:
On Thu, 31 Jan 2008 06:27:41 -0500, HK
wrote:
Good. They ought to be stuck, but good.
the problem is that a lot of them really don't have much money in
the
game and they just walked away leaving that long list of banks
holding
useless paper and a house they can't sell. The 60 minutes piece
pointed out these loans were consolidated so many times it is hard
to
figure out exactly who actually does own any given house in
forclosure. As I said before, big builders were getting huge
blocks of
money from fund operators and they lent it out through their in
house
mortgage company. The fund holds all the paper but the individual
investors have a hard time sorting them out when the fund fails.
Sure it is a problem, but the multi-house buying speculators should
pay
a penalty in addition losing the little bit of money they
"invested" in
hopes of using borrowed money to make a killing. Perhaps that
penalty
will merely be being forced into personal bankruptcy.
I imagine that is where a lot of them are heading but if they were
smart enough to pay off one of the houses Florida law will let them
keep it.
Don't they actually have to be living in the house, or can you
"homestead" an investment house in Florida?- Hide quoted text -
- Show quoted text -
Uh, oh..... another lobster boating.
You've said you had property in Florida, then that you were left a
condo, and you don't know the Homestead Exemption rules???/
We sold our Florida house years ago, ****-for-brains, and I never spent
a single night in the condo. Shouldn't you be out cleaning the
expansion
cracks in the sidewalk?- Hide quoted text -
- Show quoted text -
The Homestead Exemption rules have been in place for many many years.
And why would you have to spend a night in your condo to know the
rules and use them? Lobster boating?
Shouldn't you be washing the dishes for your Dr. wife?- Hide quoted
text -

- Show quoted text -

crickets.......

Homesteading may not save your house. Most houses in metro areas of
Calif are worth more than the homestead act protects. Otherwise, you can
go out and lie and get a loan for a $20mm house and then declare BK and
own the house.

Florida



But there may be a maximum value protected even in Florida.