Good tip. What is an automatic homestead? If you live in the home you own, you already have one. It protects some of your home equity until you sell your home. You do not have to sign or file anything to have an automatic homestead What is a declared homestead? A declared homestead is a legal form that you record with the Registrar-Recorder’s office. A declared homestead protects some of your equity for six months after you sell your home if the following three conditions are all true: You sell your home and buy another home within six months; The protected amount is used to buy another home; You record a homestead on the new home. Only the home you live in qualifies for a homestead.
Great videos, I loved how you explained in depth what a Homestead Protection was and a Homestead is.. I'm studying my Units in Real estate right now so, this was very useful and I highly recommend your videos for everyone to watch. Thank you
Thanks for your kind words. I don't know of any companies I can refer you to but you can find the process in detail under the following link. dcba.lacounty.gov/portfolio/homestead-protection/ Good luck.
I'm so sick of the system we live in... I just watched a senior citizen couple get kicked out of their home of 50 years because of a judgment do to them not being able to maintain a business lease because of covid 19...😢😢😢
It is my understanding that foreclosures and child or spousal support supersedes homestead protection. You should consult with an attorney for clarification, as I'm not one and am not qualified to give legal advise. Good luck.
@@rogerk3304 Code of civil procedure section 704.730 from p. 110 & 111 of "California Real Estate Law" by Walt Huber & Kim Tyler, J.D. Do let me know if I had misunderstood or misinterpreted the concept.
So if someone wins a small claims court judgment, they can't attach it to the debtor's home just to force them to pay the judgment if they attempted to sell the home?
For specific cases, you should consult an attorney. It is my understanding that a judgement can be filed on the property but if the equity in the property is within the protected amount, a forced sale cannot occur. When the property is being sold and a homestead declaration has been filed, then only a judgement above the protected amount can be collected. Good luck.
