Club Chaos Agents - All Things Hollish, Wacked, and Jacked

head_left_image

Metrowest MA Homeowners...Get your Homestead protection!

Massachusetts Homestead ProtectionThe Massachusetts homestead protection act is one of the biggest no brainers for any homeowner in Massachusetts to take advantage off. The Homestead law for Massachusetts was changed in 2010 and is completely summarized in the link above. The protection was extended to more than the summary items below.

Quite simply, an estate of homestead is protection for a persons residence. The declaration of homestead protects your equity in your home for up to $500,000 in the event you are sued. In other words, if you are sued, $500,000 of your equity could not be touched by an attachment and subsequent levy on execution of sale.

 The form is filed at the registry in the county that your home is located in. For example, if you live in Hopkinton MA you would file the homestead at the Middlesex registry of deeds in Cambridge. If you are a family it only needs to be filed by one person and the other spouse is protected as well.

There are somethings that the homestead declaration does not protect against.

The following are exempt from the Homestead Law:

  • Federal, state and local taxes, assessments, claims, and liens;
  • Mortgages used to purchase the residence, and in the case of the elderly homestead, first and second mortgages held by financial institutions or others;
  • An execution issued from the Probate Court to enforce its judgment that a spouse pay for the support of a spouse or minor children;
  • Where buildings on land not owned by the declarant of a Homestead estate are attached, levied upon or sold for the ground rent of the lot whereon they stand;
  • Upon an execution issued from a court of competent jurisdiction to enforce its judgment based upon fraud, mistake, duress, undue influence or lack of capacity;
  • Debts contracted prior to the acquisition of the homestead.

The protection only extends to one primary residence. You can not have homestead protection on multiple properties.

______________________________________________________________________________________________________

About the Author: The above Real Estate information on getting Massachusetts homestead protectionRE/MAX Executive Realty Hopkinton Massachusetts was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. 

Have a home to sell in Metrowest Mass? I have a passion for Real Estate and love to share my marketing expertise! 

For Metrowest Massachusetts Real Estate and homes see Metrowest MA Real Estate. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

I service the following towns in Metrowest Massachusetts: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Franklin, Douglas, and Framingham MA.

Click here to view Bill Gassett's Real Estate profile.

 

Subscribe in a reader

 

SUBSCRIBE TO MY METROWEST HOMES BLOG via email.

Building lasting relationships by helping people move in and out of Metrowest Massachusetts for the last 23 years.

 

Connect with me on

Comment balloon 0 commentsBill Gassett • July 20 2007 11:27AM
Metrowest MA Homeowners… Get your Homestead protection!
share
The Massachusetts homestead protection act is one of the biggest no brainers for any homeowner in Massachusetts to take advantage off. The Homestead law for Massachusetts was changed in 2010 and is completely summarized in the link above. The… more
The True Cost of Homeownership
share
If your market is a Buyer's market right now, I am sure you have thoughts about homeownership It is typically a good time to buy because Sellers are reducing prices to attract buyers. But before you take the plunge into homeownership, note that it… more
Barbaro's Brother in Kentucky - Future Triple Crown Winner
share
Barbaro's Brother in Kentucky - Future Triple Crown Winner Last year was heartbreaking as we saw the breakdown of Barbaro in the 2006 Preakness and followed his recovery. His injury had not broken the skin and Dr. Bramlege felt he might… more
Waiting for the Right Buyer at the Right Time
share
I believe that everything is interconnected. Everything has its time and place. Everything happens for a reason. As a Listing agent, I find trying to explain this concept to a Seller (who eagerly awaits for the offer on the house) may not take this… more
The Church of WHAT'S HAPPENING NOW!
share
The Church of What's Happening Now! This doesn't have anything to do with Easter or real church(if you are looking for a religious story). One of my favorite investor clients came up with this phrase a few days ago when we were… more
ONE OF A KIND CENTRAL KENTUCKY NEWSLETTER
share
ONE OF A KIND CENTRAL KENTUCKY NEWSLETTER My days are filled showing real estate, helping new and old clients find the perfect properties and sitting on my deck contemplating my creek! One part I REALLY enjoy is writing my weekly… more
The "Realtor Blues" Song
share
I have received numerous emails and phone calls requesting a copy of "The Realtor Blues " This song was written by Jeff Dennis (President of the Solano Association of Realtors) and music by Brad Andersohn. The song features David Sikes.. more
My Most Memorable Sale
share
Inspired by Monica Hubert on her blog: Most Memorable Sale I decided to share mine (It's my best for at least now: Since I started in May 2003 - January 2007). It was Summer 2005 and my past client recommended her college friend to me. This… more
What The Knights Team expects from our clients… ya had to ask…
share
Here is what we expect from our clients when we represent them to buy or sell their property through The Knights Team: Sellers: Keep the home available, presentable, neat, and smelling good at all times Follow the agreed upon… more
Central Florida Real Estate Happenings ~~~ What to expect from The…
share
Here is what an owner or purchaser of real estate can expect from Beach and Luxury Realty Inc and The Knights Team representing them: We treat all parties with honesty We communicate openly and frequently We always… more