Homestead Act Protection Strengthened
Revisions to the state’s Homestead Act that took effect March 16th offer greater protection to people from losing their homes to debt collectors.
Though the law won’t protect someone who doesn’t pay a mortgage from losing a home to foreclosure, it could protect a homeowner from being evicted because of claims from an automobile accident or credit card debt, said Secretary of State William F. Galvin.
In the past, people were protected up to $500,000 if they filed a so-called homestead declaration on their primary residence. Now, even if they have not filed a homestead declaration, homeowners will have automatic protection up to $125,000. And couples who are over 62 or disabled will get double the protection — up to $1 million if both partners file a homestead declaration.
3/11