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Legal Blog

It automatically protects up to $125,000.00 in a home equity without filing and can protect up to $500,000.00 for those who file a Homestead protection.  Both spouses are allowed to file.  You do not need to re-file after refinancing.  In addition, there are some new laws about veterans and their family’s additional protections.  The owners’ must occupy or intend to occupy their home as a principal residence.  In addition, if you are elderly or disabled, you should record the Homestead under Section 2 to gain maximum protection and if you attach a Disability Ward Letter or a doctor’s letter to the Homestead action. 

 

Properties that are held in a Trust can now be Homesteaded as well.  With the questions about mobile homes and manufactured homes; these can be Homesteaded as well and you want to look to make sure over the last several years if you have refinanced, whether you need a new Homestead Declaration or not; because some of the refinancing mortgages might have contained a Waiver of Homestead rights.  There is also where children and surviving spouse of somebody who has recorded a new Homestead can also gain certain or special protections.


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