What is a homestead waiver?

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?
04/29/2009   |   Category: Real Property ยป Homestead   |   State: ALL   |   #16389

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.

Ask Legal Question

Your Privacy is 100% Confidential!