Regular Contributor
amaurym
Posts: 134
Registered: ‎04-02-2012
homestead in texas - pros and cons ??

‎10-14-2012 05:52 PM

I like to know more on this from people that have it.

What it is, the benefits and drawbacks. Will this reduce my mortgage payments?

I will be applying once I close this decembe. Finger close :smileyhappy:
Current Score: EQ 694(Fako), EX 676(Fako),TU 729
Goal Score: 750 across the board
(290 Views)
 
Established Contributor
chasmith
Posts: 1,016
Registered: ‎05-26-2010
Re: homestead in texas - pros and cons ??

‎10-15-2012 03:47 AM

Not in Texas any more but there's no reason not to file Homestead and every reason to do so.

 

Your homestead is protected from any form of foreclosure except purchase money mortgage, and your property taxes may be reduced, they are certainly capped for increases.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012 Gardening since 10/6/2012

Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 4/2/2011 EQ 682 1/14/2011 TU 665
Current Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Goal Score: EQ 700 TU 700
Take the FICO Fitness Challenge
(254 Views)
 
Super Contributor
DallasLoanGuy
Posts: 5,213
Registered: ‎07-03-2007
Re: homestead in texas - pros and cons ??

‎10-15-2012 08:24 PM

protects your home from creditors.

lowers taxes

file it when it becomes time

 




* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
(203 Views)