By Paul Tuthill
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Springfield, MA – Revisions to the Massachusetts Homestead Act have gone into effect. Officials say the changes will provide greater protections to people who might otherwise have faced eviction from their own home due to debt.. WAMC'S Pioneer Valley Bureau Chief Paul Tuthill reports
As the great recession took its toll on jobs and incomes, more and more homeowners were exposed to the risk of losing the roofs over their family's heads, according to the Hampden County Register of Deeds, Donald Ashe
Ashe said in many cases, homeowners could have shielded themselves from a forced sale to pay off a judgment by filing a homestead declaration on their primary residence for a cost of just 35 dollars
Real estate attorneys had pushed for years to bring the Massachusetts homestead law up to date. Under the changes that took effect last week, all homeowners have an automatic protection of up to 125 thousand dollars, with no need to file a homestead declaration. Those who do file, will be protected up to 500 thousand dollars .
Ashe advises most homeowners especially those who've paid off their mortgage, or who have large equity to obtain more than the automatic protection..
The homestead act does not protect people who don't pay their mortgage from losing their home to foreclosure, and it does not take the place of property and casualty insurance, according to the Masschusetts Secretary of State William Galvin
Galvin says under the new homestead law, mobile homes and homes held in trusts are now covered. Also the rights of spouses and children are protected in the event the person who signed the homestead declaration dies
People who have already filed homestead declarations do not have to do anything to be covered by the new law
Some debt is excluded from the homestead protections child support payments being one example..
More information is available at the Massachusetts Secretary of State's website and from any county Registry of Deeds..
www.sec.state.ma.us