Legal Question in Real Estate Law in Massachusetts
homestead title
Does the $500,000 exemption include the mortgages already owed on the property
Asked on 8/30/08, 2:34 pm
2 Answers from Attorneys
henry lebensbaum
Law Offices of Henry Lebensbaum (978-749-3606)
: homestead title
If I understand your question, the homestead covers equity.
Answered on 8/30/08, 2:38 pm
Herbert Cooper
Law Offices of Jameson & Cooper
Re: homestead title
Normally, a declaration of homestead is not superior to a purchase money mortgage used to buy the property, or to a senior mortgage (a mortgage existing prior to the declaration of homestead).
There may be other restrictions imposed by recent changes to federal bankruptcy laws. If bankruptcy is a possibility, you should consult with a qualified bankruptcy attorney.
Answered on 9/03/08, 9:22 pm
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