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View Poll Results: What owns your house?
Person's name 120 89.55%
LLC or business 2 1.49%
Landtrust 2 1.49%
Other 10 7.46%
Voters: 134. You may not vote on this poll

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Old 08-23-2013, 09:15 AM   #41
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pb4uski's Avatar
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
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Originally Posted by padlin00 View Post
I've wondered about this, the house is in my wife's and my name but I have to pay rent/taxes to the town each year, if I stop they take the house or some such. So do I really own the house?
Originally Posted by HawkeyeNFO View Post
So even if your house is paid off, the government can take it from you if you fail/forget to pay for the privilege of living there.
Only sort of. If you just forget, then you can pay the tax and any late payment penalties, just like your mortgage or any other bill that you forget to pay.

If you fail to pay, then the town has a lien on the home and can force it to be sold to satisfy the lien (and any other liens) and then any remainder would be paid to you.

But you either knew or should have known all of this before you bought it so unless you were totally ignorant, why the consternation? It's not like the town putting homes into auction to satisfied unpaid property taxes is a deep, dark secret.

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Old 08-23-2013, 06:12 PM   #42
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Join Date: Apr 2011
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I don't know where to mark the poll as my wife's Rev Trust owns the house I reside in.

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Old 08-23-2013, 06:42 PM   #43
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Location: Kerrville,Tx
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One of the issues is what kind of homestead protection the state you live in provides, if like Tx its the total value of the homestead, then best to have it in your and if married your spouses name. That way if you were to have to declare bankruptcy you could keep your home. One should check how trusts might be treated with respect to bankruptcy.

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