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Is your property in Michigan exempt if you do not pay your mortgage in Florida?
Wiki User
∙ 13y ago
Your property in Michigan would not be affected by your mortgage in Florida.
Your property in Michigan would not be affected by your mortgage in Florida.
Your property in Michigan would not be affected by your mortgage in Florida.
Your property in Michigan would not be affected by your mortgage in Florida.
Wiki User
∙ 13y ago
Wiki User
∙ 13y agoYour property in Michigan would not be affected by your mortgage in Florida.
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In the State of Florida is the husband responsible for credit card debt that belonged solely to his deceased wife?
No, Florida is not a community property state therefore debts not jointly incurred belong solely to the person who holds the account. In Florida married couples are generally presumed to hold jointly owned property as Tenancy By The Entirety (TBE) which makes such property exempt from creditor action when only one spouse is responsible for the debt.
Does a quitclaim deed exempt you from the mortgage responsibilty?
Absolutely not. You may not be legally responsible for paying the mortgage but if it isn't paid the lender will take the property. If you purchase property that is subject to a mortgage by virtue of a quitclaim deed you should be aware of the following:The property remains subject to the mortgage until it is paid off and a discharge is recorded in the land records.Most mortgages contain a due on transfer clause that allows the bank to require immediate payment of the balance in full if the property is transferred.If the mortgage isn't paid the lender will take possession of the property by foreclosure and you will lose any purchase price you paid over to the seller.You should not purchase real property unless you are represented by legal counsel. Otherwise you have no idea what you are getting yourself into. You could be buying a lot of trouble.Absolutely not. You may not be legally responsible for paying the mortgage but if it isn't paid the lender will take the property. If you purchase property that is subject to a mortgage by virtue of a quitclaim deed you should be aware of the following: The property remains subject to the mortgage until it is paid off and a discharge is recorded in the land records.Most mortgages contain a due on transfer clause that allows the bank to require immediate payment of the balance in full if the property is transferred.If the mortgage isn't paid the lender will take possession of the property by foreclosure and you will lose any purchase price you paid over to the seller.You should not purchase real property unless you are represented by legal counsel. Otherwise you have no idea what you are getting yourself into. You could be buying a lot of trouble.Absolutely not. You may not be legally responsible for paying the mortgage but if it isn't paid the lender will take the property. If you purchase property that is subject to a mortgage by virtue of a quitclaim deed you should be aware of the following: The property remains subject to the mortgage until it is paid off and a discharge is recorded in the land records.Most mortgages contain a due on transfer clause that allows the bank to require immediate payment of the balance in full if the property is transferred.If the mortgage isn't paid the lender will take possession of the property by foreclosure and you will lose any purchase price you paid over to the seller.You should not purchase real property unless you are represented by legal counsel. Otherwise you have no idea what you are getting yourself into. You could be buying a lot of trouble.Absolutely not. You may not be legally responsible for paying the mortgage but if it isn't paid the lender will take the property. If you purchase property that is subject to a mortgage by virtue of a quitclaim deed you should be aware of the following: The property remains subject to the mortgage until it is paid off and a discharge is recorded in the land records.Most mortgages contain a due on transfer clause that allows the bank to require immediate payment of the balance in full if the property is transferred.If the mortgage isn't paid the lender will take possession of the property by foreclosure and you will lose any purchase price you paid over to the seller.You should not purchase real property unless you are represented by legal counsel. Otherwise you have no idea what you are getting yourself into. You could be buying a lot of trouble.
What amount is exempt in a home equity in Florida?
Florida is generally referred to as a "debtor friendly" state. State law provides for unlimited homestead exemption, which protects the primary residence from attachment or forced sale by unsecured creditors. Not foreclosure proceedings by a mortgage holder that is a different matter. The state laws pertaining to wage garnishment and many other exemptions also favor the consumer/debtor.
Would you be asked to put a mortgage on your house to pay your bills if you file for chapter 7 bankruptcy?
No. But if you have equity in your home it may not be the best approach. A chapter 13 is designed for a situation where the person has equity or is behind on payments. In a Chapter 7 - You will be asked to pay the Trustee the value of the equity of your home... so if you have $15,000 in non-exempt equity, you'll most likely have to write a check to the Trustee for $15,000 or surrender the home. no ,but if you include the Mortgage on your property in your bankruptcy,most likely you will have to surrender the property to a court appointed trustee
Is mortgage repayment us tax exempt?
No.If you are buying a primary residence, the interest on the mortgage (for most people) can be listed on your Schedule A 0 Itemized deductuins. If you have a 30 year mortgage, you initially are paying interest, and as you get near the end of your amortization period, your payment will be mostly used to pay down your mortgage, and there will be very little interest.But when your balance dwindles, you will br brttre off taking the standard deduction, rather than itemizing.If you sell property and take back a second mortgage, the interest is taxable income, although it is unearned income and not subject to Social Security (FICA) and Medicare taxes. And if you have borrow money in order to take back that second mortgage, the interest you pay can offset the interest you earn.
Are the churches in Florida exempt from paying property tax?
In Florida, churches are generally exempt from paying property tax on the portions of their property used for religious worship or related activities. However, they may still be required to pay taxes on portions of their property that are used for commercial purposes.
How do you file a recognition of exemption against a creditor who has taken property that is exempt of a judgment in the state of Florida?
Is there a form for this? Should I write a letter to the judge?
Are churches in Florida exempt from paying documentary stamp tax and intangible tax?
Churches in Florida are exempt from paying intangible tax but not documentary stamp taxes. The state, county, and municipalities are exempt from the documentary stamp tax.
Can you open a profitable business on tax-exempt property?
Generally not...loses exemption if not used for the exempt purpose
What tenant property is exempt from a landlords lien?
personal
What is a survivorship exempt deed?
A survivorship exempt deed is a deed that conveys property in the names of multiple people. This type of deed is exempt from tax reassessment.
In the State of Florida is the husband responsible for credit card debt that belonged solely to his deceased wife?
No, Florida is not a community property state therefore debts not jointly incurred belong solely to the person who holds the account. In Florida married couples are generally presumed to hold jointly owned property as Tenancy By The Entirety (TBE) which makes such property exempt from creditor action when only one spouse is responsible for the debt.
Are annuities exempt in chapter 7 bankruptcy in Florida?
yes
What property is exempt from being taken by a collection agency?
all of them
Are you allowed to carry a firearm in Michigan?
can auxiliary police officer carry there firearm in the mgm casino in Michigan if there ccw license exempt.
I'm loooking into homestead exemptions, where is the best place for this Property Tax Information?
Finding out homestead exemption information will depend on what state you reside. For Florida: http://dor.myflorida.com/dor/property/taxpayers/exemptions.html. For Georgia: www.dor.ga.gov/ptd/adm/taxguide/exempt/homestead.aspx
When you go bankruptcy do you have to put up your house for collatoral?
In most cases you will not lose your home during your bankruptcy case as long as your equity in the property is fully exempt. Even if your property is not fully exempt, you will be able to keep it, if you pay its non-exempt value to creditors in chapter 13.
