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Orlando, Both Buyer and Seller in Miami, FL

Can i keep my homestead exemption if i lived in my condo for 3 years and now am renting it out?

Asked by Orlando, Miami, FL Wed May 20, 2009

I cannot pay my mortgage and hoa's and anything because i got laid off 3 month ago.
Now my only option is to get a tenant. I don't want to do anything illegal. But there
use to be a rule here as far as i remember that you can keep homestead if you
live in your property 3 out of 5 years? Does that still count?

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Answers

3
Hi Orlando--You have to live in the condo to qualify for the homestead exemption. I think you're remembering the rule about capital gains (you have to live in a property for 2 years of the previous 5 years) to avoid capital gains.

Sounds like whether it's homesteaded or not, you're having difficulty meeting the monthly obligations. I'd suggest you try for a loan modification or a short sale before the bank has to start the foreclosure proceedings (if you can't get it rented).

Good luck...you're not alone.

Louise Warring
Coldwell Banker Residential Real Estat
1 vote Thank Flag Link Wed May 20, 2009
Hello, Orlando.

Misinformation is the mother of most problems people face. 7 out of 10 homeowners who lose their property to foreclosure typically do so because they don't seek the advise of professionals.

Similarly, this is from the Miami-Dade county Property Appraiser's office website:
"It is the duty of the owner of any property with an exemption to promptly notify the Office of the Property Appraiser if use of the property or the status or condition of the owner changes in ways that affect the legitimacy of the exemption (Florida Statutes 196.131 and 196.161 )."

BEFORE making an uninformed decision you may regret, visit this page and take a close look at the statues listed therein here; http://www.miamidade.gov/pa/exemptions_homestead.asp

By all means...if you are finding yourself in a hardship situation and feel you need assistance, DON'T MISS a seminar taking place on June 29th which covers all your options and possible solutions to foreclosure.

Fannie and Freddie have now implemented their own version of the HAFA program the federal government has implemented for homeowners in distress. Learn more about HAFA by watching this video: http://www.youtube.com/watch?v=8TXx8rKy-Ow

Bank of America is placing their bets on Short Sales (NOT REO / foreclosures): http://www.housingwire.com/2010/06/08/bank-of-america-puts-s…

RSVP to attend the seminar on June 29th.

By all means...do not despair and lose focus. Now is NOT the time. Now is the time to seek and get help if you or someone you know needs it.
0 votes Thank Flag Link Wed Jun 9, 2010
To qualify for a homestead exemption, it must be your primary residence.

Myke Triebold
MykeSaysSold@aol.com
850-305-6256
Web Reference: http://www.MykeTriebold.com
0 votes Thank Flag Link Wed May 20, 2009
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