In Massachusetts, every homeowner has a $125,000 homestead protection on their primary residence. This prevents creditors from forcing a homeowner to sell his or her home in order to pay a court judgment.
If the value of your home exceeds $125,000 you should sign and record a Declaration of Homestead. This will protect your home from creditors up to $500,000.
The form is available online at the Secretary of the Commonwealth’s Office.
It costs only $35 to record the completed document at the registry of deeds. Your lawyer should prepare the form for you and have you sign it along with all other closing documents.
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