Posted: 12/1/2008 8:57:33 AM EDT
|
Check to see if you can in your state, but most if not all will let you protect you from loosing your home if you can't make payments.
Mother Earth info on topic of Homstead |
|
Note this doesn't help if you can't make payments on your mortgage, since virtually all are secured by the home.
As for other creditors going after your home, bankruptcy laws usually give you far more protection (like 10-20 times the value) Biggest use of homestead is to reduce taxes, which works regardless of your financial situation |