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#2061337 - 01/29/16 08:26 PM Homestead
Bec Offline
Diamond Poster
Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
Ever have one of those days where its phone call after phone call and your brain has turned into a big pile of mush. I know this must happen on a regular basis with this group, so I am hoping that you all have mercy on me and help me answer this question that might not be as hard has my mush brain is making it.

I am trying to determine if we would call a property homestead property for a person who is dwelling at the home but does not own it. A daughter owns the home that her mother is currently dwelling in. The mother is taking out a loan for some home improvements. The way I would think is that the daughter gets a right to rescission right? Does the mother? I would think yes there.

On the Wisconsin Department of Revenue it defines homestead as the Wisconsin home you occupy whether you own it or rent it... But does this definition apply.

Thank you
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#2061416 - 01/30/16 07:24 PM Re: Homestead Bec
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 80,341
Galveston, TX
Are you talking about a Wisconsin Rof R or Regulation Z. For Reg. Z you must own and occupy.

In a credit transaction in which a security interest is or will be retained or acquired in a consumer's principal dwelling, each consumer whose ownership interest is or will be subject to the security interest shall have the right to rescind the transaction
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#2061569 - 02/01/16 07:40 PM Re: Homestead Bec
Bec Offline
Diamond Poster
Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
So for Regulation Z, only the owner of the property would get the ROR? I guess I didn't really need to put this in the Wisconsin forum.
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#2061904 - 02/02/16 07:40 PM Re: Homestead Bec
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,359
No, that's not what Randy said...or WI requires either.
The owner of the property must also occupy the property in order to get the Right to Cancel.
Basically what you're looking at is a rental property, even if the daughter isn't charging her mom rent, that's how you treat it.

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