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The Nevada Homestead Exemption Act
The Nevada Homestead Exemption
The Nevada Homestead Exemption Act doesn’t mean you can squat on 160 acres of public land and eventually own it, rather it is a means to protect equity in your home against seizure or forced sale by general creditor claims and judgments that are entered against you.  The Nevada Homestead Act is one of the gifts the Constitution of the State of Nevada gives to homeowners, but few people take advantage of it.
If you have unpaid medical bills, credit card debt, business or personal loans, a judgment from an accident or other cause, etc., you can protect the equity in your primary residential property up to $550,000 in Nevada.  The key word is equity, the market value less any debt secured against it.  The property must be your primary residence.  It can be a condo or even a mobile home on land you don’t own.  Exception - if you are one of the rare few that has established alloidal title and not relinquished it the exemption extends to all of your equity.
A Homestead Exemption does not protect you from a forced sale due to nonpayment of a mortgage, unpaid taxes, home equity loans, Home Owners Association/Condo ... more

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