Homestead Act Information With One Another In Nevada
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FAQ
Refinancing the house does not change who owns the house. For example, if you added your spouse as a co-owner of the house, then you'd want to re-record a new homestead declaration; if you added someone (spouse/parent/child) as co-owner, you'd want to re-record a new homestead.
Originally intended to protect families from losing their farms, homestead laws now apply to homes, condos and residential cooperatives. Nevada's homestead law calls for an automatic exemption that protects equity in a home up to $550,000.
A homestead does not protect you against: Foreclosure of your home by mortgage lender if you are behind on payments; The enforcement of a mechanic's lien; A judgment for child or spousal support.
While the specifics can vary by state, generally, homestead exemptions are only available for an individual or family's primary residence. This means you cannot claim homestead exemptions in multiple states.
Final answer: An automatic homestead exemption protects all types of homes, including mobile homes and condominiums, whereas a declared homestead only protects real property.
Nonhomestead property includes commercial and industrial property, rental housing, second homes, and open land.
The Homestead Act, enacted during the Civil War in 1862, provided that any adult citizen, or intended citizen, who had never borne arms against the U.S. government could claim 160 acres of surveyed government land.
Homestead Exemption Lawyers in Las Vegas An individual may only claim one residence as his or her Homestead, and the Homestead Declaration may be filed at any time before a sheriff's sale.
Generally, homestead laws exempt a portion of the equity in your principal residence from attachment by creditors to whom you owe unsecured debts (e.g., medical bills, credit card balances, and personal Page 3 loans), even if the creditor has obtained a court judgment against you.
