Homestead Act Information Form Massachusetts In Clark
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FAQ
The Massachusetts Homestead Act is a law under which a homeowner is protected by an Estate of Homestead. A homestead estate provides limited protection of the value of the home, up to $1,000,000, against unsecured creditor claims.
Filing a Declaration of Homestead costs thirty-five dollars ($35.00). Personal checks should be made payable to the Commonwealth of Massachusetts.
Massachusetts laws Includes clauses for real estate tax exemptions for blind persons, qualifying senior citizens, qualifying surviving spouses, minor children and elderly persons, qualifying veterans, and religious and charitable organizations.
If you own and occupy (or intend to occupy) your home as a principal residence, you can file a homestead protection.
Clauses 41, 41B, 41C or 41C½ provide exemptions to seniors who meet specific ownership, residency, income and asset requirements. Seniors 70 or older may, alternatively, qualify for exemption under Clauses 17, 17C, 17C½ or 17D, which provide a reduced benefit, but have less strict eligibility requirements.
In order for homeowners in Massachusetts to protect the value of their property up to five hundred thousand dollars ($500,000) per residence, per family, you must file a document called a “Declaration of Homestead”.
Homestead declaration protects you from unsecured creditors and certain other debts or attachments, but it does not shield you from first or second mortgage lenders and/or equity lenders who possess a security interest in your home.
Liens. A “lien” is a legal claim that gives a creditor the right to take your property if you do not repay a debt . A lien can be placed on your home before and after you file a declaration of homestead, but no one can collect on the lien(s) that were placed on your home after you filed a declaration of homestead.
