Legal Question in Credit and Debt Law in Massachusetts
I recently wrote in with a question about my husband is sick and hasn't worked since February & just got on disability. We cannot afford our boat payments and haven't been able to sell it so far. My question was what would happen if I stopped making payments. When I read your response one of the suggestions was to get a homestead on my property (my home that I have had for 12 years). Since my debt was incurred before I get this homestead would that still help my situation?
Thank you.
2 Answers from Attorneys
It certainly won't hurt. The general rule is that if the homestead is recorded before a consumer creditor's judgment it will usually prevent a forced sale of the property to satisfy a subsequently recorded consumer creditor judgement. The protection this legal device affords can prove invaluable in the future. Visit the county registry personally after researching the pros and cons on line. You'll probably be glad you did. Good Luck!
Yes. it will, as long as the homestead is recorded before the creditor records an attachment or an exeecution on a judgment. Good Luck!
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