What good is it to homestead ?

Asked about 1 year ago - Mesquite, NV

Does homesteading affect a foreclosure?

Attorney answers (4)

  1. William C. Devine II

    Contributor Level 13

    2

    Lawyers agree

    Answered . Recording a declaration of homestead protects you from foreclosure by a judgment creditor if you have less than $550k in equity in your house. It also protects your equity in a bankruptcy by the same amount.

    It has no real affect on a foreclosure by a deed of trust and it won't stop a foreclosure by the bank or lender doing a judicial foreclosure or non-judicial trustee foreclosure.

    What may help you though us a loan modification or possibly a restructure to reduce the loan amount.

    Regards,
    William Devine, II
    Rainey Devine

    I am an attorney, just not your attorney (yet). Any answers here are to be deemed informational unless and until... more
  2. Richard Edmund Hawkins

    Pro

    Contributor Level 16

    1

    Lawyer agrees

    Answered . Actually filing a homestead in Nevada only has an effect if and when a judgment creditor, rather than your mortgages, sells the home (or, presumably, if there was a judgment lien and equity at a foreclosure).

    It can be filed the day of the sale and still has full effect.

    It has absolutely no effect on foreclosure.

  3. Boris A. Avramski

    Pro

    Contributor Level 14

    1

    Lawyer agrees

    Answered . Filing e Declaration of Homestead has absolutely no effect on foreclosure.

  4. Michael George Millward

    Contributor Level 4

    Answered . A Nevada Homestead prepared and recorded pursuant to NRS 115.020 will protect the property from execution and sale. A secured creditor that is the beneficiary of a deed of trust upon real property has a property interest in the property that supersedes a homeowners rights/protections obtained via homestead. The only protection a homeowner has from eventual foreclosure is to stay current upon the mortgage pursuant to the terms of the promissory note.

    The above information is given for informational purposes only. The response to your question in does not create... more

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

30,121 answers this week

3,056 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

30,121 answers this week

3,056 attorneys answering