Declaration of Abandonment of Homestead - Arizona: This document is used in relinquishing any rights to the homestead exemption for a particular Claimant. Simply stated, the Claimant does not live there anymore and therefore, gives up his/her right to the homestead itself, as well as the exemption involved. It is available for download in both Word and Rich Text formats.
Phoenix Arizona Declaration of Abandonment of Homestead
Category:
State:
Arizona
City:
Phoenix
Control #:
AZ-REAL-2
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Arizona Declaration Of Abandonment Of Homestead?
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FAQ
Any person, married or single, age 18 and older residing in the state of Arizona is entitled to own a domicile and hold a homestead. Further, homestead protection applies to dwelling houses, condominiums, mobile homes, and the land upon which that mobile home is located if the person resides in any of these places.
Under the Arizona exemption system, homeowners can exempt up to $150,000 of equity in their home or other property covered by the state's homestead exemption.
Arizona's current homestead protection law affords homeowners the right to shield $150,000.00 of equity from creditors. Now, the Arizona legislature has elected to increase the homestead exemption from $150,000.00 to $250,000.00 effective January 1, 2022.
Arizona has a law which allows a homeowner to protect $150,000 in equity from general creditors. It does not apply to mortgage companies or any creditor who has been given a consensual lien from the homeowner. It is called a ?homestead exemption?. It applies to all people who have an ?interest? in property in Arizona.
It does protect equity in the home from judgment creditors. The new law in Arizona will significantly change the current law. At present (until January 1, 2022), the Arizona homestead exemption is $150,000.
The Senior Property Valuation Protection Option (Senior Freeze) is available to residential homeowners, 65 years of age or older, who meet specific guidelines based on income, ownership, and residency (Arizona Constitution, Article 9, Section 18.)
The homestead exemption, not exceeding the value provided for in subsection A of this section, automatically attaches to the person's interest in identifiable cash proceeds from the voluntary or involuntary sale of the property.
The homestead exemption, not exceeding the value provided for in subsection A of this section, automatically attaches to the person's interest in identifiable cash proceeds from the voluntary or involuntary sale of the property.
In Arizona, the homestead exemption is automatic ? you don't have to file a homestead declaration to claim the homestead exemption in bankruptcy.