2011©Cengage Learning. All Rights Reserved.. Homesteads 2011©Cengage Learning. All Rights Reserved.

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Presentation transcript:

2011©Cengage Learning. All Rights Reserved.

Homesteads 2011©Cengage Learning. All Rights Reserved.

NATURE AND AMOUNT Homestead protects a portion of a debtor’s family home from creditors. Two types  Declared homestead  Dwelling house homestead 2011©Cengage Learning. All Rights Reserved.

NATURE AND AMOUNT Purpose is to preserve the family by protecting them from a forced sale of their home. 2011©Cengage Learning. All Rights Reserved.

Amount Family homestead for $100,000 Age 65 or disabled homestead up to $175,000 Regular homestead covers up to $75, ©Cengage Learning. All Rights Reserved.

Equity Protection Ninety Percent Limitation Selling Procedure Effect of Increase 2011©Cengage Learning. All Rights Reserved.

Equity Protection Creditors Protected Homestead Recorded First Judgment Recorded First 2011©Cengage Learning. All Rights Reserved.

PRIORITIES Recording Priority  1. Mechanic’s liens  2. Deeds of trust  3. Federal tax liens Dwelling House Exemption 2011©Cengage Learning. All Rights Reserved.

Effect A homestead protects a debtor’s equity from creditors. 2011©Cengage Learning. All Rights Reserved.

CREATION Creation Requirements  Identity of Declarant  Residency Stated  Property Description  Signed by the Declarant 2011©Cengage Learning. All Rights Reserved.

CREATION Creation Requirements  Identity of Declarant  Residency Stated  Property Description  Signed by the Declarant 2011©Cengage Learning. All Rights Reserved.

CREATION Creation Requirements  Identity of Declarant  Residency Stated  Property Description  Signed by the Declarant 2011©Cengage Learning. All Rights Reserved.

CREATION Creation Requirements  Identity of Declarant  Residency Stated  Property Description  Signed by the Declarant 2011©Cengage Learning. All Rights Reserved.

TERMINATION Homesteads can be terminated only by prescribed methods. 2011©Cengage Learning. All Rights Reserved.

TERMINATION A formal declaration of abandonment, properly executed and recorded, will terminate the homestead. 2011©Cengage Learning. All Rights Reserved.

TERMINATION Alternatively, a homestead can be terminated by a homeowner recording a new homestead of a different property. 2011©Cengage Learning. All Rights Reserved.