Business & Finance Renting & Real Estate

What Does the Nevada Homestead Exemption Protect?

    Homestead Protections

    • Once created, the homestead protects, or exempts, up to $550,000 of the equity in your residence. This protection applies to general creditor claims, such as unpaid medical bills, credit card debt and unpaid loans. This amount is also exempt in bankruptcy.

    What Isn't Protected

    • The Nevada homestead exemption doesn't protect your equity from your primary or secondary mortgage, past-due tax payments or IRS liens, and any past-due child support or alimony collections. In addition, creditors may seize or force the sale of your residence if your equity exceeds the $550,000 statutory threshold.

    Determining Equity

    • Declaring a homestead protects you up to the statutory maximum. The equity in your home is the amount you actually own. If you have a home worth $700,000, but you have a first mortgage of $350,000 and a second mortgage of $200,000, your equity is $150,000. In this example, your equity is fully protected.

    Declaring a Nevada Homestead

    • The homestead law originates in the Nevada state constitution. According to Nevada state statutes, a homestead is land with a dwelling on it, a mobile home regardless of who owns the land, or a condominium. The home must be the principal residence and not an investment property.

      Purchase or ownership of a property doesn't automatically create a homestead --- it must be created by filing a Declaration of Homestead. Only individuals and married couples can declare a homestead.

SHARE
RELATED POSTS on "Business & Finance"
Stamp Duty Mitigation
Stamp Duty Mitigation
Real Estate 101 - Understanding Mortgages
Real Estate 101 - Understanding Mortgages
I Sell Real Estate, Why Do I Need Technology?
I Sell Real Estate, Why Do I Need Technology?
Why My Retirement Is on Par With Property in Turkey
Why My Retirement Is on Par With Property in Turkey
Which Is Which? Buy or Rent?
Which Is Which? Buy or Rent?
Should You Pay Your Landlord If He is in Foreclosure?
Should You Pay Your Landlord If He is in Foreclosure?
How to Sell Your House Privately in 7 Days
How to Sell Your House Privately in 7 Days
A Guide to Going Bankrupt in Real Estate!!!
A Guide to Going Bankrupt in Real Estate!!!
Rooming Houses
Rooming Houses
Estate Planning 101: What Should You Include?
Estate Planning 101: What Should You Include?
Australian real estate reign to end?
Australian real estate reign to end?
Southend Builders: Your Home Our Responsibility
Southend Builders: Your Home Our Responsibility
How to Live Away From Modernity
How to Live Away From Modernity
How To Recognize A Good Laguna Beach Real Estate Agent
How To Recognize A Good Laguna Beach Real Estate Agent
Using Recycled Boxes During Your Move
Using Recycled Boxes During Your Move
Thinking of relocating to Glasgow? Well here are some of the things it can offer to your company:
Thinking of relocating to Glasgow? Well here are some of the things it can offer to your company:
FHA Roof Protocol
FHA Roof Protocol
Buy to Let Mortgage Quote
Buy to Let Mortgage Quote
Selling in Summer? Don't Forget About the Backyard
Selling in Summer? Don't Forget About the Backyard
Home Buying Grants - Free Money
Home Buying Grants - Free Money
Denver Decor - Sunrise Fresh Home Design Staging For Your Mile High Home
Denver Decor - Sunrise Fresh Home Design Staging For Your Mile High Home
Advantages You Get By Getting House and Land Packages in Perth
Advantages You Get By Getting House and Land Packages in Perth
Customized Long Distance Moving Solutions
Customized Long Distance Moving Solutions
Find Your Dream Home at Geotech Blessings
Find Your Dream Home at Geotech Blessings

Leave Your Reply

*