Protect Your Home From Liens,Judgments & Creditors

(I-Newswire) September 17, 2010 - Confusion Over Homestead Terms Could Be Costly For Homeowners

PALM BEACH - When it comes to the terms “Homestead Exemption” and “Homestead Declaration,” it’s fair to say that most homeowners are more than a little confused. Unfortunately, that confusion could spell disaster for property owners who think they have legal protection they don’t have.

According to Tom Rucker the owner of Homestead Declaration Services located in Palm Beach Gardens, Florida, it’s estimated that over 95% of homeowners across America don’t know the difference between the two terms, and that could be very costly should they ever have financial troubles.

Homestead Exemption is simply a tax break, while Homestead Declaration is a sworn statement to claim property as a homestead. Most property owners think that filing for the former protects their property from a forced sale, but it’s the latter—Homestead Declaration— that they really need to have.

Homestead Exemption was established by statute to provide qualified homeowners with a reduction in taxes. Contrary to what many homeowners believe, as well many lawyers and real estate agents, it does not provide total legal protection of your homestead. It’s not a constitutional right, and filing for the tax break does not fully protect a property owner from liens, judgments or creditors.

On the other hand, a Homestead Declaration can do just that. Also established by statute, it allows property owners to claim a property as their homestead and to “designate” or “set it apart” to protect it from a forced sale to satisfy creditors. A homeowner can get the maximum amount of homestead protection under the law, but only if he or she has properly claimed such rights. To do that, a Homestead Declaration form has to be filled out properly, notarized and recorded with the county clerk.

“We have to emphasize that filing for the tax break, the so-called ‘Homestead Exemption,’ does not fully protect your homestead as most believe.” Rucker said. “Unless you have filed a Homestead Declaration, you get the tax break with limited protection. And, as important as that may be, it doesn’t legally declare your property as a homestead and only provides you with limited legal protection you need against liens, judgments and creditors.”

Rucker went on to say that every homeowner in America should file a Homestead Declaration regardless of the value of their home. “The declaration is a one page document; inexpensive to obtain from our site, and it might just save a property owner from economic disaster,” he noted, too, that county offices are frequently unable to answer questions concerning the designation of a homestead and protecting the property from a forced sale. “For that reason, we started our company to inform the public how important it is to protect their home with this valuable document.”

Though they vary from one state to another, homestead statutes are similar in intent. They are designed to preserve family homes, which might otherwise be taken in times of misfortune or the death of the head of the household. However, this protection is generally available if the declaration is filed in advance of such a catastrophe.

The company web site www.HomesteadUS.com is where property owners can learn more about this important subject and obtain the proper form.

About Homestead Declaration Services:
In these troubling financial times across America, HomesteadUs.com stands ready to provide every homeowner with a inexpensive legal document that can fully protect their equity from Liens, Judgments and Creditors. We are the number 1 online provider of Homestead Declaration forms to homeowners across America.

Company Contact Information
Homestead Declaration Services
Tom Rucker
8504 Man O War Road
Palm Beach Gardens, FL
33418
Phone : 561-656-2858