Why would a Homestead Declaration be recorded on a property?

Submitted by rick from CA - 09/14/2009 - 7:20am

Sean, why would an owner record a Homestead Declaration on their property after they have started the foreclosure process. Is this a reason to not purchase?

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Submitted by Sean - 11/03/2009 - 11:15pm

Shouldn't impact your purchase. Used to protect from claims by unsecured creditors. Mortgage debt is secured debt and therefore is exempt. See: http://www.sec.state.ma.us/rod/rodhom/homidx.htm

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