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MShore
MShore, Attorney
Category: Legal
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Experience:  Negotiate, Draft, and Review many complex commercial agreements each year.
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if you lose a civil suit can they take your house if you have

Resolved Question:

if you lose a civil suit can they take your house if you have it leased to someone else? We downsized and lease another home so the original house is our homestead in texas
Submitted: 5 years ago.
Category: Legal
Expert:  MShore replied 5 years ago.
Thank you for the post, I am happy to assist you by answering your questions. No, they cannot. Texas prevents creditors from attaching the homestead to a debt that is unsecured by the home from the debt's inception. However, principal residence only qualifies as homestead, if you no longer live in the property, it cannot qualify as homestead. Please let me know if you have any follow up questions.
Customer: replied 5 years ago.

so, if we decided to lease our house out even though we will retain ownership to the house, they can take the house because we don't live in it. Because in texas we would still claim it as our homestead and request credit since we will still be paying the house note?

 

The key words are since we don't live in it...they can take it???

Expert:  MShore replied 5 years ago.
Yes, because the home no longer qualifies as a homestead. Though if there is a mortgage on the home it is unlikely the superior lien holder will allow the inferior lien holder to take the property. I cannot advise you to misrepresent the status of the property as homestead (as you appear to be doing for tax purposes). Paying the house note does not equate to homestead, you would also pay the house note on an investment property. Please let me know if you need additional guidance on this point.
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