Thursday, January 21, 2010

Massachusetts' Homestead Act

Massachusetts law provides a mechanism for homeowners to protect significant equity in their homes from most creditors. A Declaration of Homestead, prepared for the owner, executed by them, and recorded at the Registry of Deeds in the County where they reside, provides the protection allowed by the statute. The Homestead Act allows homeowners to protect a total of Five Hundred Thousand Dollars ($500,000.00) in equity in their principal residence from attachment, levy on execution, or sale for payment. The filing fee with the Registry of Deeds is $35.00. There are exceptions and additional benefits for seniors and the disabled. Go Here for more information.

This information was provided by ParkerScheer, LLP, Real Estate Practice Group

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