Posted by HKB on 1/29/09 2:54pm
Msg #275900

Need guidance

Did a refi few days ago and the borrower asked what docs were required for homestead filing .... can some one please let me know.

I wrote to the signing company and they have not replied .... just wanted to help the borrowers.

Tks

Reply by Therese on 1/29/09 2:58pm
Msg #275901

I would refer them to their County Recorders Office.

Reply by Marian_in_CA on 1/29/09 3:05pm
Msg #275903

Per the state's website:

http://www.in.gov/rde/xchg/in_core/hs.xsl/faqs.htm?faq_id=833

"To file for the Homestead Credit or another deduction, contact your County Auditor, who can also advise if you have already filed. To locate your local officials, please see http://www.in.gov/dlgf/2440.htm "

Reply by JanetK_CA on 1/29/09 3:52pm
Msg #275910

It never hurts to know these things, but I suggest that this is across the line of what we should be getting involved with. I would refer them to their LO or escrow officer (or better yet, their CPA or attorney). The signing company probably doesn't want to get in the middle of this, either, even though it's probably a very simple process.

Reply by Marian_in_CA on 1/29/09 4:42pm
Msg #275912

I totally agree with Janet, here. It's okay to know these things, but sometimes we should know when to "forget" them at times. Of course, it never hurts to give them general knowledge that is commonly known or found in official sources. The fact that homestead exemptions are usually handled at the county level is no big secret.... but each state has it's own rules for this kind of thing, so I think the answer would depend on your location.

Here in CA, if I were specifically asked, I'd tell them that they can call the county clerk to learn about the filing process or an attorney if they had more detailed questions about their rights under the homestead provisions.

That way, I'm not just blowing them off, but I'm not really answering their question either. I truly believe in never saying just, "No." From years of experience with this kind of approach, I can tell you that people really do remember simple gestures like that.

Reply by JanetK_CA on 1/29/09 4:51pm
Msg #275916

Good clarification. Thanks. There's a big difference between providing answers and directing them to where they can go for answers. Your answer about referring them to the county is probably more appropriate. Personally, I've only ever had the homestead issue come up twice in more than six years of signing and one was recently. I guess we may be seeing more of these given the current environment.

Reply by Becca_FL on 1/29/09 5:53pm
Msg #275924

I don't know about IN, but in FL you generally do not have to refile for homestead on a refi. The only exception would be if there was a QCD involved that may have an effect on the homestead of the property. In FL, all you need to file for homestead is ID, a signed HUD or copy of the recorded deed along with a utility bill.

Reply by Marian_in_CA on 1/29/09 7:25pm
Msg #275928

Here you go... I went to Allen County's website to see what they say about it. Not sure what county you're in, but I guess the process is similar across the state:

http://www.co.allen.in.us/index.php?option=com_content&task=view&id=200&Itemid=469

At the bottom of that page, they have the form online to fill out.

Hope that helps.

Reply by Linda_H/FL on 1/29/09 8:05pm
Msg #275933

It's a refi, not a purchase - they already own the house - they should have been advised when they purchased the property or they may already be getting the exemption and just don't know it...

That being said, it's not your job, or the signing company's job, to advise them as to what docs are necessary to get the exemption - have them check with their local tax collector/assessor - they'll guide the homeowners from there...if it works like here in my county in FL, they have until the end of January to file for it for the current year and it's automatically renewed annually unless the assessor's office is notified otherwise (change in occupancy status or sale of the property).

JMO

Reply by Linda_H/FL on 1/29/09 8:06pm
Msg #275934

Re: Need guidance....correction

people in my county have until March 1st to file for the current year....apologies.

Reply by jba/fl on 1/29/09 9:21pm
Msg #275942

"and it's automatically renewed annually unless "

you leave home to care for your mother, putting in a temp. change of address so that you get your mail as you don't know when you will be back, and during that time frame the notice of taxes comes. It will not be forwarded (since you appear to not be a resident anymore) and you will lose your exemption. If you leave under such conditions, always notify the property tax office as to why there is a change of address to avoid difficulties later. (yes - happened to me and I almost lost a year. The above was their advice to me in case of any future happenings)

Reply by Todd/OH on 1/29/09 10:11pm
Msg #275948

Linda seems to have it correct n/m

Reply by bfd110_IN on 1/30/09 7:16am
Msg #275967

That should be a basic knowledge here in Indiana

if your doing closings and going through our great Title producer training. Sarcasm there.

On all refinance transactions the mortgage exemption has to be refiled with the county. You do not have to refile your Homestead exemption due to not vacating the residence.

On Purchases, you will file for both if you are going to live in the home and have a loan on the property.

There is a form provided by the state that has to been SIGNED AT ALL CLOSINGS that states the borrower acknowledges the availability of the 2 exemptions listed and the other ones that are available.

Exemptions are filed at the county with the auditors. Some of my local counties allow you to call in, have to go to the office or/and allow you to file online. You just have to know what your county does.

Reply by HKB on 1/30/09 9:09am
Msg #275973

Thank you every one for your input and guidance. You guys are great and I love this forum ..... have a great week-end.