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Unread 11-26-2007, 09:07 AM
 
Location: Utopia
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Question Homestead Act in New Hampshire?

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?
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Unread 11-26-2007, 01:51 PM
 
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Quote:
Originally Posted by TootsieWootsie View Post
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.
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Unread 11-26-2007, 06:48 PM
 
Location: Utopia
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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...
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Unread 11-27-2007, 06:21 AM
 
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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.
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Unread 07-23-2008, 07:36 PM
 
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[url=http://www.gencourt.state.nh.us/rsa/html/NHTOC/NHTOC-XLIX-480.htm]New Hampshire Statutes - Table of Contents[/url]
Here's the NH statute governing homesteads. This might be a better place to start than asking anonymous nitwits like me.
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Unread 07-25-2008, 02:55 PM
 
Location: Southern NH
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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...
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Unread 12-31-2009, 08:19 AM
 
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can someone please explain to me how a lien from my corporation can be attached to my primary residence? I was surprised to be considered a personal garauntee on the note. It seems that the bank friend of mine snuck in the clause without notifying me before. Can this note be attached to my home without my wifes approval and signiture? She is listed on the deed and mortgage.
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Unread 12-31-2009, 08:53 AM
 
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In many states your home is protected provided you are up to date with mortgage payments, taxes, and any other debts which are a lien against your home (many home improvement contractors contracts have a provision for such a lien); the thought is that you agreed to enter into debt with specific companies based on specific conditions (ie, a car loan is usually based on the bank holding rights to your car until they have been paid off and therefore they can take your car/trash your credit- but can't take your house or family members car that wasn't part of the loan).

I'm not an expert on the laws of New Hampshire and would suggest you contact a lawyer for details.

Also, as for "sneaking in" the clause- if it was on the contract/paperwork that you signed...it wasn't snuck in; you just didn't read it (I know, it sucks and there is a lot to read/understand...but if it was there, it was there). As for how that works since your wife is a joint owner of the property- I'm not to sure, again- best bet is to contact a lawyer.
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Unread 01-04-2010, 08:03 AM
 
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Thak you for the input. I will seek counsel
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Unread 10-01-2012, 07:08 PM
 
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Question... my husband took out a 20K second morgage on the house we used to live it. At that time the "Bank" appraised the property WAY more that what it was actually worth, and HE got the 2nd morgage in HIS name ONLY. that house is in "short sale" status and the the 2nd morgage bank now wants to put a "lein" on the property we are currently living in that is in his and MY name. Adding this 20K to this property will also put this property over what it is actually worth!
Can they attatch anything to our current house w/ MY name on it? And also can they attatch the money if it will put the house over true market value??
Anyone have any experience with this?? He goes to court tmrw!!
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