What is a homestead waiver?

04/29/2009 - Category:Real Property - Homestead - State: ALL #16389

Full Question:

Does signing a homestead waiver mean that I am signing away my rights to our house (in case of divorce and/or spouse's death), given that the loan is in my husband's name only?

Answer:

Homestead exemption laws protect property from the claims of creditors. Even though the loan is in your husband's name, if the loan was in default and the creditor sought to foreclose on the property, you might be able to claim that some of the property is exempt from creditors' claims under the homestead exemption. The homestead waiver protects creditors from not being able to collect money due because of a homestead exemption, but does not necessarily waive inheritance rights or community property/marital property rights, unless those rights are also waived in the waiver. A homestead waiver, by itself, only pertains to creditors' claims and not inheritance or marital property rights.



Please see the information at the following links:

http://definitions.uslegal.com/h/homestead-waiver/
http://definitions.uslegal.com/h/homestead/
http://lawdigest.uslegal.com/real-estate-laws/homestead/7129/

04/29/2009 - Category: Homestead - State: ALL #16389

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