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Old 09-29-2010, 10:00 PM
 
781 posts, read 979,735 times
Reputation: 418

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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?
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Old 09-29-2010, 11:53 PM
 
Location: Las Vegas, Nevada
11,553 posts, read 20,476,787 times
Reputation: 4153
Quote:
Originally Posted by Robustus View Post
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.
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Old 09-30-2010, 12:06 AM
 
1,105 posts, read 1,613,467 times
Reputation: 730
Also, the homestead equity protection limit from bankruptcy is reduced to $125,000 until 1215 days have passed (I'm not making this up!).
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Old 09-30-2010, 12:15 AM
 
3,622 posts, read 2,970,294 times
Reputation: 4211
They went straight to the shredder at my house.
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Old 09-30-2010, 12:47 AM
 
Location: Las Vegas, Nevada
11,553 posts, read 20,476,787 times
Reputation: 4153
It's smart to file the papers, but you don't have to pay somebody to do it.
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Old 09-30-2010, 01:03 AM
 
Location: Las Vegas
8,409 posts, read 14,337,714 times
Reputation: 10630
It's easy. You can do it yourself. I got all those offers too.
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Old 10-01-2010, 10:27 AM
 
Location: lost wages
366 posts, read 633,540 times
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If you change mortgage lender, do you have to refile a Homestead? Also, is there a way to make certain you have one filed?
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Old 10-01-2010, 10:28 AM
 
Location: Kingman AZ
15,379 posts, read 23,229,696 times
Reputation: 8605
No


yes
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Old 10-01-2010, 10:30 AM
 
Location: Kingman AZ
15,379 posts, read 23,229,696 times
Reputation: 8605
sorry couldnt resist....

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

or is it I SHOULD think.
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Old 10-01-2010, 09:00 PM
 
Location: In the Silver State of Nevada in Las Vegas NV
829 posts, read 690,676 times
Reputation: 629
Does this cover condo's and townhouses???
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