What is a homestead declaration? What might you need it for?
This is a good opportunity to be proactive instead of reactive. A homestead declaration is for a homeowner to protect the equity of their home—or the difference between the value of the home and the value of their debt. Your equity may come into question when dealing with a creditor because most people’s net worth is in their home.
In MA your equity is protected up to $125,000. Beyond that, you can file homestead declaration to increase the amount.
Whether you’ll need it or not is unpredictable, so it’s a smart idea to be protected ahead of time. Watch on to hear what a homestead declaration can’t protect you against.
If you have any questions about homestead declarations and how to file one, contact us by calling (781) 319-1900.
Copyright © 2019 Stiles Law, All rights reserved. Stiles Law is a Massachusetts licensed law firm and all content is based on Massachusetts law. The information presented above is meant to be used for general informational purposes and it should not be construed as legal advice or legal opinion on any specific facts.