If you are a Nevada homeowner, you should have a homestead. You can only file a homestead on the property you live in (your owner-occupied property). Having one filed on your property can protect your equity from judgments and liens, up to $550,000, as of 2018. (NRS 21.090(1)(m).)
This could potentially stop a creditor with a judgment from forcing the sale of your house to satisfy a debt. This does not apply to liens, such as your mortgage, where your home is used as collateral.
The importance of this being filed has become personal for me. I had a client years ago that lost her house to a Sheriff’s sale brought on to satisfy a judgment relating to her husband. It could have so easily been avoided with a homestead. My son was hit by an elderly woman with extreme cognitive impairment. He had to learn to swallow, walk, talk, overcome paralysis on his right side; we would have legally pursued judgment against her personally, but she had a homestead, leaving nothing for us to go after.
If you don’t know if you have one, if you need to update yours, if you need help with the legal description of your property, need to get one on file, contact us here or by any means listed below. We are happy to help.
In case you are curious, as of now (2018) the cost is $41 to have a homestead filed with the county. Call 775.328.3663 or visit Washoe County Recorder for updated fees or information.
As with anything relating to your protecting your assets, we advise you seek legal advice.
Christy Klingler. Realtor
Call. Text. 775.750.5492
Email: cklingler@dicksonrealty.com
Web: CHRISTY KLINGLER
