New Homestead Law

Last week, Gov. Patrick signed a significant new homestead law, St.2010, c.___ (S2406), which will take effect next March. Here are some highlights:

• Automatically protects up to $125,000 in home equity without filing
• Protects up to $500,000 for those who file for homestead protection
• Allows spouses to both file-- currently only one may file
• Clarifies that there is no need to re-file after refinancing
• Provides coverage for homes kept in trusts

Helpful information on the new law can be found at Boston.com and the Lowell Registry of Deeds blog. More on homesteads is available at our Mass. Law About Homestead.