Real Estate

First of in general a homestead gives you protection against involuntary claims on your home but only your primary home not your investment home or your rentals etc etc. THE HOME YOU LIVE IN. So if there is a money judgement that is rendered against you in court the person that got the judgement against may try to collect money against you by garnishing your wages or levy on your bank account all that good stuff. He may even try to force a judgement against you to sell off a car or two or even your home to pay off the judgement. Well the homestead law protects a certain amount of equity on your home and IF YOU ARE IN CALIFORNIA YOU GET AN AUTOMATIC HOMESTEAD. But its not unlimited.

Every homeowner in the state of California gets an automatic homestead exemption of at least $50k you don’t have to file anything special you get it automatically. Now $50k is not much but if you have someone that is living with you that is a minor for example then your exemption goes up to $75k. But lets say you are now 65 yrs old or you may be physically or mentally disabled then your exemption goes up to $150k. But only if your income is less than $15k or less or if you are married and your income is less than $20k.

But first and foremost is you have to understand that a homestead does not protect you from a forced sale from a bank lets say a foreclosure. It will not also protect you against a judgement for child support or spousal support or a valid Mechanics Lien. A mechanics lien is when you have had work done on the house for example and it could be a contractor for some work that you owe money on.

But if you were sued by someone seeking monetary damages from your home is when a homestead would help and obvisoulsy this is more for the guy on main street not the million dollar homes. Or even the large homes mostly your every day tract homes it will protect you up to a certain dollar amount and especially the lower income elderly from losing their home. santa maria homes for sale

FIRST TIME HOME BUYERS when you first get your first home you will get so much mail from so many people it will be unreal. You will not know if its part of your mortgage or not one of them will be offereing to homestead your home for you. Even though you get it automatically although it is a good idea to do a homestead many of these companies come across as though they are respresenting some kind of govt. agency and just an Fyi … its against the law for them to present themselves as if they aere. But if they are a legitamate company just another fyi they cannot charge you more than $25.00 to file a homestead declaration, and they are not collect any fees until they have recorded the homestead declaration with your approval. If you feel that there you may have been a victim of some company presenting themselves as a Homestead filing service company you may want to seek help.

http://www.dca.ca.gov/
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