Posted by Garrett Sutton on April 29, 2004 at 10:22:04:
A homestead right is a legislatively derived dollar amount of protection to the homeowner ahead of creditors. There is an entire chapter on them in my book, Real Estate Loopholes, and the dollar amounts for each state can be found at www.successdna.com. Depending on the state you may or may not waive such rights by contract. If allowed, you are most likely agreeing to give a creditor a preference position ahead of your rights. If you are in a state like Texas or Florida that allows for unlimited protection on your home this is quite a lot to give away. Garrett