[Robustus]

Got an offer in the mail to have one prepared for me for $25. Clearly some company wants me to pay $25 for them to do some trivial paperwork for me, but what is this Homestead Declaration thing to begin with?

[Buzz123]

Originally Posted by Robustus

Got an offer in the mail to have one prepared for me for $25. Clearly some company wants me to pay $25 for them to do some trivial paperwork for me, but what is this Homestead Declaration thing to begin with?

They come out of the woodwork when you buy a house. You can do it yourself for $14.00. Here's the Clark County site for the form. Homestead Information

WHAT THE LAW PROVIDES: When you record a Declaration of Homestead, Nevada law protects the equity in your home up to $550,000 from general creditor claims (unpaid medical bills, bankruptcy, charge card debts, business/personal loans, accidents) but would not preclude a seizure or forced sale of your residence from general creditors if your equity exceeds the $550,000. A creditor may file suit and can record a judgment lien against any real property you own. Recording a Declaration of Homestead protects your principal residence up to the statutory maximum. For example, if the value of your home is $645,000 and you have a first mortgage of $485,000 plus a second mortgage of $10,000, the equity is $150,000.


WHAT IS NOT PROTECTED?

The Homestead Law does not protect you against debts secured by a mortgage or deed of trust, payment of taxes, IRS lien, mechanic's lien, child support or alimony payments.

[WestieJeff]

Also, the homestead equity protection limit from bankruptcy is reduced to $125,000 until 1215 days have passed (I'm not making this up!).

[lyra33]

They went straight to the shredder at my house.

[Buzz123]

It's smart to file the papers, but you don't have to pay somebody to do it.

[yellowsnow]

It's easy. You can do it yourself. I got all those offers too.

[whyhateme]

If you change mortgage lender, do you have to refile a Homestead? Also, is there a way to make certain you have one filed?

[dynimagelv]

No


yes

[dynimagelv]

sorry couldnt resist....

The County Cout house should be able to tell you. I should think....

or is it I SHOULD think.

[irishspy]

Does this cover condo's and townhouses???