Q: Will A Homestead Protect 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. Kristopher Kent and Reno Realty 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.
Kristopher Kent, Realtor®
Managing Broker
Phone: 775-870-4280
Fax: 775-870-4281
Kris@Reno-Realty.com