It’s almost guaranteed that we receive a call about 30 days after a home closing with a question from my clients “What is this piece of paper I received in the mail? It says I need to fill it out, pay $20. Its called the Homestead Declaration. Is this a scam?”

Homestead Declaration – This is a simple document that can protect your home’s equity from attack by creditors. It prevents the forced sale of your home to satisfy your debts to most creditors such as unpaid medical bills, bankruptcy, charge card debts, business/personal loans, and accidents.

You are protected up to $550,0000 in equity in your primary residence. Your rental properties are not protected, only your primary residence.

Here at The McNamara Group at Coldwell Banker Premier Realty we highly recommend completing this form, it should not cost you more then $20.00 If you lost the one you received in the mail, click this link for a free PDF version.