Q: Will A Homestead Declaration Save Me From Foreclosure?

Q:  Will a homestead save me from foreclosure?

A: No

A declaration of homestead, in the state of Nevada, can protect interest in an owner occupied property up to $550,000 of equity. Any equity above that amount is not protected.

The declaration protects against:

• Unpaid medical bills not owed to the Department of Health and Human Services for Medicaid
• Bankruptcy
• Credit Card Debts
• Business/Personal Unsecured Loans
• Accidents

The declaration does not protect against:

• Debts secured by a mortgage or deed of trust
• Payment of taxes
• IRS Lien
• Mechanic’s lien
• Child support
• Alimony Payments

The homestead form can be found at the Washoe County site and will need to be recorded at the Washoe County Recorder’s Office.

*The information above is for entertainment purposes. Richard Beach and Renown Real Estate Services are not attorneys
and do not provide legal counsel. Should you have questions about a homestead contact a competent attorney
in good standing with the Nevada State Bar Association*

Feel free to contact me with any real estate questions or needs.