homestead exemption questions
Posted: Mon Feb 20, 2012 10:44 am
HI MS. ROZYMAN,
I suggest you look seriously at a Chapter 13
instead of a Chapter 7 Case.
Sal Sciortino
________________________________
To: cdcbaa@yahoogroups.com
Sent: Sunday, February 19, 2012 9:20 PM
Subject: [cdcbaa] homestead exemption questions
Dear Listmates:
I have a client that bought a condo in Agoura back in 2007. A couple years ago he transferred title to his parents, who are now holding the property in their Trust. The loan is still in his name and he has lived at the property since he purchased it. He wants to keep the property. It has slightly less than $50,000 of equity so he would be fully covered by the homestead exemption. My only concern is if we transfer the property back to his name prior to filing and claim the homestead exemption, is there any risk that someone can successfully object to the exemption based on the fact it had been transferred to his parents and held in their Trust for the last couple years?
Also, there is a detached garage that he purchased along with the condo. It is under the same loan as the main property but has a different deed and APN. Can the garage be claimed as part of the homestead exemption?
Thanks,
Natella Royzman
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