According to the Boston Globe article of 12/18/10, “The legislation clarifies ambiguities in a law first enacted in 1851. The statute, amended a number of times in ensuing years, provided $500,000 in protection from creditors — but only for homeowners who file a so-called homestead declaration with a county registry of deeds, a process that can cost between $35 and $100. Under the new law, homeowners do not have to make such a filing unless they hold more than $125,000 in equity in their homes. They can still get $500,000 in protection if they file a homestead declaration.”

For more information, please contact me at 978.471.9750 or ingridmiles@kw.com.

Received from North Shore Association of REALTORS