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Homestead Act Questions

Homestead exemption was put into place to protect the equity of a homeowner's home from creditors, property taxes, and situations that evolve from the death of the spouse of a homeowner. Homestead Act laws can be found throughout state statutes that provide for homestead exemptions. Below are several of the more commonly asked Homestead Act related questions and homestead exemption questions that have been answered by Experts.

What does filing a Homestead Act do for the home owner?

The homestead exemption and the declared homestead are the two types of homestead protection. If you own a home, are living in the home when a lien is attached to the property and if you live there through the duration of the date that the court decides that the property is a homestead, a homestead exemption is automatic. The exemption also protects $75,000 in equity for the single owner who is under 65 years old. Depending upon factors like age, income, Disability, etc. the protection can go up to $100,000 and $175,000.

A declared homestead occurs when a person records a declaration of the basic facts of their home such as the legal description of the home before the recording of a judgment against the property. You will have $75,000 in equity protection in the declared homestead and you can sell the property as long as your reinvest the money in another house within six months. The declared homestead will also protect $75,000 in equity in the event of a Foreclosure. However, you will only have protection for six months. When the property owner dies, the homestead exemption rights will pass to the heirs of the owner's estate.

Under the AZ Homestead Act, do you have to pay off unsecured judgments, credit cards, med. , before you can sell your property?

Arizona Homestead Act does allow the homeowner to protect $150,000 in equity from any liens that are not consensual. The homestead exemption is automatic therefore there is no need to take any actions to qualify.

You will have to file a Motion to Set Aside Judgments That Impair Homestead Exemption. You need to state that you lived on the property when the judgments were attached to the property and that you still live there. When filing a motion like this, you cannot afford any mistakes. You may want to consider hiring an attorney to file the motion for you.

Is there a tax from the Homestead Act if a home is sold in N Providence RI. ?

There is a property tax in N Providence, and is $16.75 per thousand of the assessed value of the home. There is a 20% discount on the total tax of the property for the homestead exemption. The seller of the home has to claim the sale on their personal taxes while a portion of the property taxes will be transferred to the buyer. In other words, the buyer pays property taxes on the property for the time that they own the property for that year. The seller will pay the property taxes for the portion of the year that they owned the property, unless there are other arrangements agreed upon in a contract.

Does Maine's Homestead Act protect a home owner against forced sales by creditors, such as Florida's does?

While Maine has a homestead exemption law, it isn't unlimited like Florida's homestead exemption law. In Maine, the homestead has up to $47,000 in equity protection over the amount of a mortgage; up to $95,000 if there are minor dependents in the home; $95,000 if the debtor is over 60 years of age or has a physical or mental disability (this amount may double if there are joint debtors in this category); proceeds of the sale are exempt for 6 months. Any equity that exceeds these amounts would be at risk.

Most states have Homestead Acts that offer protections for the homeowner. Homestead exemption is one for of protection provided by the Homestead Act. If you would like to learn more about the Homestead Act and homestead exemptions, you should ask an Expert. An expert can answer all of your questions regarding the Homestead Act.
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