Homesteads
A Homestead declaration is an effective technique for protecting one's personal residence from creditors. On December 16, 2010, Massachusetts Governor Duval Patrick signed Chapter 395 of the 2010 Acts into law, replacing Chapter 188 - Homestead law in Massachusetts. This new legislation went into effect on March 16, 2011, giving homeowners greater protection than ever before.The complete text of the law can be found here
An individual may protect up to $500,000 of equity in his or her home, provided that the homeowner has filed the proper paperwork at the appropriate Registry of Deeds.
An individual receives automatic protection of $125,000.00 of the equity in his home without the need to file a declaration at the Registry of Deeds.
The Homestead Act now covers homes owned by a trust and multi-family (2-4 unit) homes.
Refinancing will not terminate prior homestead filings.
Call us today so that we may prepare and record this important document for you.
