Homestead Act in New Hampshire? (real estate, foreclosure, credit card)

[TootsieWootsie]

Please confirm if I an understanding the NH law correctly in that a homeowner can homestead his property, but is only protected for the first $100,000. That means if your home is valued at $150,000, the $50,000 will not be protected and Mr. Bank can take it?

[399083453]

Originally Posted by TootsieWootsie

Please confirm if I an understanding the NH law correctly in that a homeowner can homestead his property, but is only protected for the first $100,000. That means if your home is valued at $150,000, the $50,000 will not be protected and Mr. Bank can take it?

Well if you dont own the house, and it is mortgaged, if I remember right they can take it. You dont actually own it, the bank does.

[TootsieWootsie]

Since it is homesteaded for $100,000, I am going to assume that if you owe just $100,000 left on a $200,000 Mortgage--then Mr. Bank can't take it as it is protected under the homesteading laws.
Too bad NH doesn't have a more liberal law with homesteading. Not that I know anyone who has had to use it, but in Texas you are homesteaded for the entire cost of the house whatever that may be IF the house is your primary residency AND you have signed up for homesteading. Oh well...can't have it all...

[cosmonewman]

Even in Texas you are not protected from foreclosure, only civil judgements. Otherwise, the bank could never foreclose. You have to own the part of the value you are protecting.

[Rainflake]

New Hampshire Statutes - Table of Contents
Here's the NH statute governing homesteads. This might be a better place to start than asking anonymous nitwits like me.

[seamusnh]

There's a family of losers in my town that used the homestead act to hang on to their house a few years ago. They owed money to several credit card companies, the local grocery store, the veterinarian, etc. but they declared bankruptcy and stiffed everyone. Later they got some money from a relative or something (neither works) and started borrowing against the equity in the house again (3,000 sq ft; worth about $475k). They are desparate to do anything to stay in the town (this is one of the top 10 most expensive towns in the state) and keep their kids in the excellent school system despite the fact that they have stopped paying their real estate taxes... They did buy a nice used Mercedes station wagon last year... The bankruptcy laws have changed so it will be tougher the second time.... What a couple of dirtbags...