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A property declaration in the US protects a home from seizure for unsecured debts, but not for all debts. It must be filed with the registry of deeds by one owner and can be reversed by a court. A form is available for submission or a lawyer can draw up an original. Fraudulent declarations can result in legal penalties and protection revocation. People struggling with debt can seek help from a debt attorney or counselor.
In the United States, a property declaration is a legal document that declares a home to be the principal residence of the depositor and family, protecting it from seizure to settle unsecured debts. This document must be filed with the registry of deeds in which the information of the deed relating to the property is recorded and must be filed only by one of the owners to protect the home; a wife, for example, may apply on behalf of all of her family, not just herself. It is important to note that a property declaration will not offer general protection for all debts, but only for certain types of debt.
If a home is used as collateral on a secured loan, the lender can seize the home for non-payment. Likewise with situations where people do not pay taxes and tax agencies seize their properties for non-payment. A declaration of title can also be reversed by a court at a hearing and will not protect a homeowner from debt collection related to debts incurred prior to the home purchase.
A form to submit a farm declaration is usually available, or people can have an original drawn up by a lawyer. The form attests to the fact that the home is a primary place of residence and will take note of other people residing in the home. The form, duly witnessed and deposited, provides protection, advising creditors that they cannot take the house except in special circumstances.
People struggling with debt can find help through a debt attorney or debt counselor. Filing a property declaration is one step people can take to protect themselves as they negotiate debts to work out a payment plan, apply for debt relief, and take other steps to resolve the issue. Lawyers can advise on specific situations based on the type of debts incurred and the agencies or organizations involved.
In cases where homestead protections are received in fraudulent circumstances, such as when people file a declaration of ownership for a property that is not their primary residence, legal penalties may apply. Protection will be revoked as it is not applicable in such a situation and the home may be foreclosed on. People who are unsure whether a property qualifies for protection can consult a lawyer to see if they can file or if they can make changes to how they use the property to be eligible for protections. Individuals cannot have more than one property protected with such a declaration.
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