Nevada state legislation (NRS 115) protects your property's equity up to $350,000 against a writ of execution (forced sale) from certain judgments such as: unpaid medical bills, credit card debts and accidents. The website states it protects against bankruptcy but with the new federal bankruptcy laws in 2005, I would definitely check with your lawyer before assuming your home is protected. It would not protect you in the event of any type of mortgage default, tax liens, IRS liens, mechanic liens, child support or alimony payments.
See the county assessor's website for detailed information, your tax records and forms.
NRS 115 is one of the best equity protection laws in the nation:
- The property must be owner occupied
- The fee is $14.00. If you go outside of their margins it is an extra $25
- You must fill out the form with black ink
- You must get the form notorized
- You can either mail the form in or carry it to the assessor/recorder's office
In January 2007, We plan on holding a "Homestead Exemption" workshop with a Notary Public and a CPA/Attorney in order to help you get your forms filled out properly. If you are interested in the workshop, you can either bookmark this page or sign up for my newsletter and we will let you know of a date once we get it organized! Since I am not an attorney, I will not be able to answer questions and help you fill out the form.
Arizona has a homestead exemption like this; I forget what it is now but it used to be $100K (10 years ago).
Kind of a Western States thing
Thank you Brian!
Renee,
Great reminder!
Besure to add that if you've refinanced or changed the title in anyway you may have to refile.
Bill
William J Archambault Jr
The Real Estate Investment Institute
http://www.reii.org
Bill: YES, thanks for leaving that tidbit about title or refinance!
Bill: YES, thanks for leaving that tidbit about title or refinance!