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speedball1 · Jan 18, 2009, 07:52 AM

I live in Florida. I have a neighbor that owns a home on down the street that's going into foreclosure. Her credit's in the dumpster and she's overextended to the max.
My home's clear and I enjoy a AAA credit rating.
My question's this. We have been hooked up for 15 years. If we get married will I be liable for her bills? I'm 82, If we married and when I die and she gets the house, can her creditors take it away? Will she also inherit my homested? Under Florida law can a creditor take your main residence? I want my neighbor to get my home but not if the vultures will swoop down and take it away. Any advice would be welcome. Thanks guys! Tom

twinkiedooter · Jan 18, 2009, 10:59 AM

She won't inherit the homestead exemption but would have to qualify for it herself on your home should she somehow own it after your demise.

speedball1 · Jan 18, 2009, 01:13 PM

Originally Posted by twinkiedooter

She won't inherit the homestead exemption but would have to qualify for it herself on your home should she somehow own it after your demise.

She has her own Homestead Exemption from her house down the street. Is it transferable? Thanks for your response Twink, Tom

twinkiedooter · Jan 18, 2009, 01:24 PM

Well, it would stand to reason if she has her own homestead exemption then she would be eligible for one for your home should she become the owner. I do not think that the exemption is transferrable but she will have to reapply for a new one.

As far as the creditors seizing her "new" property, that could be the case. Anyhow, I would hope that you would live much, much longer than just 82. Hopefully you will be able to outlive her statutes of limitations on her debts before you transfer your property over to her.

In this particular case, just to be on the real, real safe side, I would suggest you contact a Florida attorney who specializes in real estate matters before you do anything rash. This way you understand the pros and cons of doing any kind of transfer. Remember, though about the probate the will costs of attorney's fees for her when you are gone. You need to look into just how to legally get around not only the probate problems but the present debt problems and a RE attorney will be able to map these options out for you and answer all your questions. Well worth the consult fee in the end.

speedball1 · Jan 21, 2009, 06:34 AM

What are the "statutes of limitations" on bad debts? Can she outwait them? Thanks for your help! Tom

JudyKayTee · Jan 21, 2009, 06:42 AM

Originally Posted by speedball1

What are the "statutes of limitations" on bad debts? Can she outwait them? Thanks for your help! tom

STATUTE OF LIMITATIONS (IN YEARS) IN FLORIDA:

Open Account: 4
Written Contract: 5
Domestic Judgment: 20 yr duration, if recorded acts as lien on non-homestead real property for 10 yrs; may be recorded for an additional 10 yrs. (Reflects current recording requirements)

Fr_Chuck · Jan 21, 2009, 06:56 AM

The problem here is several, the status of the property when she firsts gets it, and what is the status of her home, is it going to be foreclosed, is she going to lose it anyway, should she consider bankruptcy and end up debt free perhaps.

Really need an attroney to review all of the details very closely

speedball1 · Jan 21, 2009, 12:22 PM

We have seen a attorney and she is considering bankruptcy. I just don't want to lose everything I've worked so hard to keep clear. Thank you all for the excellent answers. Tom