Homestead Act Form Massachusetts In Wayne
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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.
As stated above, if you are a homeowner whose primary residence is a property in Massachusetts, you automatically receive up to $125,000 in Homestead Exemption protection. Anyone who owns and occupies a primary residence in Massachusetts may apply for additional Homestead Exemption protection.
To protect the value of your property up to one million dollars ($1,000,000) per residence, per family, you must file a document called a “Declaration of Homestead”. You can file this form at the Registry of Deeds in the county or district where your property is located, referencing the title/deed to the property.
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.
