What's New In Real Estate - Homestead Actby Ponichtera & DeNardis, P.C. on 02/04/11
The Homestead Law has recently changed. A right of homestead will protect your home from sale by creditors with the exception of taxes, and certain other exceptions up to a specific equity value in your home. Presently, if you live in your home as your principal residence, and are under the age of 65 years of age, you must declare your home as a homestead by paying to file a document in the Registry of Deeds where you live.
Good News -Recently the Governor signed a bill into law that would automatically give a right of homestead to a homeowner. The amount of equity protection in this automatic homestead is limited to just $125,000.00. This is a good start, but a homeowner still can formally file a homestead declaration in the Registry of Deeds and increase the level of protection. A homeowner who files the declaration, protects the equity in their home for up to $500,000.00. This does not change. There are other changes in the homestead law as well. If you'd like our assistance in the preparation of a homestead call us.