Wednesday, March 16, 2011

New Homestead Law Effective Today

The new law, St.2010, c.395,  provides some very significant changes to past homestead law, including:
  • Automatically protects up to $125,000 in home equity without filing
  • Protects up to $500,000 for those who file for homestead protection
  • Allows both spouses to file
  • Clarifies that there is no need to re-file after refinancing. For those with a pre-existing homestead, NCLC and MLRI recommend: "Every homeowner who has refinanced his/her mortgage in the last several years should consider recording a new homestead declaration since many refinancing mortgages contained a waiver of homestead rights.")
  • Permits homestead protection for homes kept in trusts
  • Permits homestead protection for manufactured homes
We've updated our Law About Homestead page to provide links to information and new forms.