Posted: 12/29/2007 1:53:16 PM EDT
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I brought homesteading up in a thread in General and apparently it isn't quite common knowledge so I thought I would share with you guys. I have lived in my house for a year and I keep putting it off so I am also doing this to help encourage myself to do it. For those of you that own a home you can file what is called a Declaration of Homestead here in NV and it will protect your home if you are every in any legal or debt problems. What you are doing is claiming your home as your residence and this affords you protection for up to $550,000 in your home's equity. It can only be done for one home if you own more than one. It only costs $14 to file the Declaration with the county and you can fill out the form on your own. You will need to take it to a bank or somewhere else to have it notarized(this is a witness of your signature so do not sign the form until you are in the presence of the notary). I highly recommend that all of the homeowners here do this. You can get a copy of the form needed as well as completion instructions and more information on the subject HERE. |
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Some states don't require a filing, but Nevada does. Good thing to do when you buy your home so you don't forget. But, in the event you were sued, you could still file it and be covered. And, since it will probably come up, consensual liens (mortgages, deed of trusts, etc.) are not subject to the homestead. |
Nor are taxes for that matter. |