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The Value of Homestead Declarations

It is extremely important to be aware that, if you are a homeowner here in Massachusetts, you have the right by statute- G.L. c. 188, s.2- to record a Homestead on your property in the Registry of the county in which the property is located.

This will protect your property from creditors, including judgments against you, for the first $500,000.00 in equity on the house.  For example, if you own a house worth $700,000.00 and you still owe $100,000.00 on a mortgage, meaning that there was $600,000.00 in equity on your house, the first $500,000.00 in equity would be protected from levy/sale in the event there was a judgment against you for any amount whatsoever.

Significantly, you can place a Homestead on your property at any time, up until a judgment is entered against you, and the Court will not find that this is improper.

It is best to retain an attorney experienced in personal injury and insurance litigation to assist you in pursuing your legal rights and also in preserving your own assets so that they are not exposed to levy, attachment and/or sale.

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