By: Brittany Hinojosa Citron

Owning a home is often considered one of life's most significant accomplishments. Beyond its emotional value, a home is also a substantial financial asset for many individuals and families. However, unforeseen circumstances such as lawsuits, debts, or financial challenges can threaten the security of homeownership. To safeguard against these risks, Massachusetts offers homeowners the opportunity to declare a homestead.

The Massachusetts homestead law protects homeowners from the forced sale of their primary residence to satisfy certain debts or obligations. By filing a Declaration of Homestead in the county or district Registry of Deeds where the residence is located, homeowners can claim a portion of the equity in their home as "homestead protection." This protection applies to various creditors, but it does not apply to mortgage lenders, tax liens, Medicaid/MassHealth liens for benefits paid on behalf of the homeowner (including benefits paid for nursing home care), and other specific types of debt. If the equity in your home is greater than the homestead protection, the home may still be sold, but the creditor will receive only what is left after you first receive proceeds equal to the amount of the homestead protection.

Read the full article here:
https://ssbllc.com/understanding-the-...