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Buying a Home in Massachusetts – Protect Your Home with a Homestead Exemption
Massachusetts home buyers have a valuable protection mechanism that is available to them at the time of their home purchase. It is called a Declaration of Homestead.
For most of us, our house is the biggest investment we will make and the largest asset we own. It's also the place we call home. To protect this asset, Massachusetts has established an important safeguard. The Declaration of Homestead provides an easy and inexpensive protection for you in the event of a lawsuit.
According to Massachusetts General Laws, you have a right to file for protection of your property equity under The Homestead Act. This act allows you protection of up to five hundred thousand dollars ($500,000) of the value of your residence against attachment, seizure or execution or judgment from unsecured creditors.
To qualify, the property must be your principal residence. Exemptions to the Homestead protection are: debts for taxes, mortgages used to purchase the home, debts incurred prior to signing the homestead, and debts from the court pursuing child support payments.
There is significance to this protection. If you have filed a Homestead and you happen to be in automobile accident with insufficient insurance to cover your home, you will not be ... more
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