The unavoidable result of a foreclosure is the lender taking your home. Not only will you lose your home, but the lender can get a judgment against you for the arrearages you owe plus his costs for the foreclosure action. If that isn’t enough, your credit report will be in terminal condition for many years to come, worsening an already bad financial situation and making it very difficult to obtain any other kind of credit. There is no upside to foreclosure. It should be prevented at all costs.

Homestead exemption is a constitutional guarantee that reduces the taxable value of residential property for qualified permanent residents.

Homestead Exemption Up to $50,000

Every person who owns and resides on real property in Florida on January 1 and makes the property their permanent residence is eligible to receive a homestead exemption up to $50,000. The first $25,000 applies to all property taxes, including school district taxes. The additional exemption up to $25,000, applies to the assessed value between $50,000 and $75,000 and only to non-school taxes.

If one spouse holds the title, the other spouse may file for the exemption with the consent of the titleholder.

If filing for the first time, be prepared to answer these questions:

1. In whose name or names was the title to the dwelling recorded as of January 1?
2. What is the street address of the property?
3. How long have you been a legal resident of the State of Florida? (A Declaration of Domicile or Voter’s Registration will be proof of date before January 1.)
4. Do you have a Florida license plate on your car and a Florida driver’s license?
5. Were you living in the dwelling on January 1?

The deadline to file an application for exemption is March 1st. Under Florida law, failure to file for any Exemption by March 1st constitutes a waiver of the exemption privilege for the year.

Regular filing is January 2nd- March 1st.
Pre-filing for the coming year is March 2nd- December 31st.

More about Homestead Exemption

Other Sources

Effective January 1, 2010, the U.S. Department of Housing and Urban Development, under RESPA/Regulation X, will be implementing significant changes to the Good Faith Estimate (GFE) and HUD Settlement Statement (HUD-1) required for all new first mortgage applications. All new loan applications signed on or after January 1, 2010, must follow the guidelines and rules set forth in the U.S. Department of Housing and Urban Development’s revisions to RESPA, known as Regulation X. Included in the rules are the use of a new Good Faith Estimate form and a new settlement statement (HUD-1). Both are designed to make it easier for borrowers to understand the loan and its related fees, and to compare one loan with another, since the new forms will be the same ones used for all loans. And there are new restrictions on how and when the fees detailed in the Good Faith Estimate can change prior to actual closing.
While RESPA Reform has many process impacts for lenders, settlement agents and attorneys, the transaction experience should remain relatively unchanged for the consumer, REALTOR® and Builder.

Copies of the new GFE and HUD-1 can be found here and here, respectively

I hope you find this information helpful.