Declaration Of Homestead Information
The following is for general informational purposes only and should not be considered legal advice. Therefore, we suggest that you contact an attorney for any legal advice on your specific situation.
The homestead exemption gives you rights against many debts you might incur through accident, illness or misfortune. However, there are limitations and exceptions.
The policy underlying homestead laws is to provide a place for the family where they may live free from the anxiety that it may be taken from them.
Example: If the market value of your home is $120,000 and you have a first mortgage or deed of trust of $65,000 and a second mortgage of $25,000, you have an equity of $30,000 in your home. The homestead exemption protects this equity against creditors.
When you owe someone money he is considered your creditor. If a creditor sues and wins a judgment against you, he can file a lien against your home. The homestead exemption is protection against such liens.
Every homeowner who resides in his or her home is entitled to this protection. A person can only have one valid homestead at a time.
Every homeowner may file. A homestead will remain in effect until the house is sold, or the homestead is abandoned by recording an Abandonment of Homestead.
Yes, for married couples, or single parents with dependents living at home, the homestead exemption is $75, 000; unmarried individuals, $50,000. For persons 65 years or older, or for persons physically or mentally disabled, the exemption limit is $100,000.
- Judgment liens recorded before you have recorded your Declaration of Homestead will attach to the house.
Loans or debts secured by the property (mortgages, deeds of trust, etc.) are not covered by the homestead exemption. When you voluntarily put up your home as security against a debt, a homestead will not protect it.
When a contractor or laborer puts labor or materials into repairs or improvement on your property, and you do not pay him, the homestead exemption will not protect against the mechanic’s lien.
Tax liens by federal, state and local governments.
Yes. You can remove the homestead exemption at any time by filing a form called Abandonment of Homestead. Also, if you were to record a homestead on another property, it would remove the homestead on the first property. When you sell your home, the homestead on it is automatically removed.
An attorney can prepare a Declaration of Homestead for you.
- Head of Household
- Married Persons
- Single Person
Blank Declaration of Homestead forms are available at stationery stores that carry legal forms. You must choose from several types:
The form must be completed, signed, and notarized in order to be recorded in the County Recorder’s Office.
The recording fee is $15.00 for the first page and $3.00 for each additional page. If you have any questions or need further information, we suggest that you contact an attorney, or check the Ventura County Law Library, public library or local bookstores for books on Homestead law.