09/30/2024
One of the quirky things about the last-minute/all-at-once way laws get passed in Massachusetts is that we don't always learn what got passed until weeks after the fact. In this case, as part of the Affordable Homes Act, the legislature raised the amount of asset protection afforded by a Declaration of Homestead from $500,000 to $1 million. The change is retroactive, so if you already have a Declaration of Homestead recorded at the Registry of Deeds, the equity in your home is automatically protected from lawsuits/creditors up to the new limit of $1 million. If you're not sure if you currently have a Homestead on record (if we handled your closing, you almost certainly do), please just call the office and we can check it for you in about thirty seconds.
Whereas, The deferred operation of this act would tend to defeat its purpose, which is to authorize forthwith the financing of the production and preservation of housing for low and moderate income citizens of the commonwealth and to make related changes in certain laws, therefore it is hereby decla...