Q: Will A Homestead Declaration Save Me From Foreclosure?

Q:  Will a homestead save me from foreclosure?homestead sparks nv

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.

Ricky Beach

Managing Broker/RealtorŪ CDPE, SFR

reno homes

 

 

 

 

 

6900 S. McCarran Blvd., Suite 3040

Reno, NV 89509

Office:(775) 313-9600|Cell:(775) 750-1437|Fax:(775) 562-4779

Ricky@Resnv.com www.RenownHomes.com

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