@scorepower wrote:
We recently purchased a home and got some information from a company called title concepts with a copy of our grant deed. Does it make sense to have homestead? They are asking for $45 to place a homestead so we are protected against lawsuits/judgements that can tap into our equity for up to $75,000. Has anyone had experience with this? Any insight is much appreciated. Thanks
First of all, if I were you I would not rely on a forum like this for such a question, I would talk to a somebody who was familiar with Real Estate law in your jurisdiction. Second, if you do want people here to attempt a response than you need to say which State because such laws vary wildly from State to State. Many States do not have any such law, other States have some type of automatic protection for one's primary residence. But where they do require action by the homeowner, usually it just involves going to some government office, filling out one form to register the property as a homestead, and possibly paying a small fee, scarcely something that requires paying some company 45 dollars. Probably every Real Estate broker in your area can tell you what the local procedure is wherever you live.
You might also talk with your insurance agent. When my wife and I became homeowners, our insurance agent recommended getting a one million dollar "umbrella" policy in addition to our car and home insurance because where we live should we get hit by a really major lawsuit they could go after the value of our residence.
Message Edited by MattH on
06-01-2008 05:54 PM
TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
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