The Homestead Declaration- Yet Another Reason to Love Montana!
Ok, yes, it’s true. I’m completely biased on the fact that Montana is hands-down the best place to live. Technically if you believe the advertising, it’s the Last Best Place. We have gorgeous views, wide-open spaces, lots of wilderness and I think we compete with MN when it comes to the friendliness of our population. We love our private property rights, our privacy and we are practical. The homestead Declaration is a great combination of these three Montana specialties.
What is it?
A homestead declaration is a legal document that once filed, can protect up to $250,000 of the value of your home. This protects that amount from most creditors’ claims when you are at your lowest. The “homestead” is the land you own and home upon it- but it must be your main residence. Here is a great article on the declaration, and here is a fillable PDF. It is a simple form, and it includes your properties legal description and must be filed at clerk and recorder’s office of the county where you reside. Not sure how to find your legal description? Call/text or email me and I can help! 406.360.1057 Mandy Snook
Does not apply to your loan
The Declaration of Homestead only applies to unsecured debt, such as most credit cards or medical debt. It is debt that is taken out without putting down collateral. Your home loan, or a car loan are examples of secured debt, you offered collateral for the loan.
I want to know more!
To learn more, read the Montana State University Extension Office’s article
This is not legal advice, just some friendly information to help Montana Residents.