Changes to the Arizona Homestead Protection Act

Changes to the Arizona Homestead Protection Act

Have you ever heard of Arizona's Homestead protection act? If you haven't I’m gonna give you a brief explanation of what it was and what it is changing into I’m not a lawyer and so if you think this might affect you this video is just intended to kind of give you an introduction and I would highly encourage you to get legal advice about this topic or something like that.

So, basically, Homestead protection in the past said that a hundred and fifty thousand dollars worth of equity in your primary residence is kind of untouchable by judgments and liens and not like mortgage the door tax liens but yeah you know mainly judgments and civil suits and bill collectors and different things like that you know if you were to sell your home and you had a judgment against you they could place a lien on your house but you were guaranteed that at least 150 000 of that was still going to you,  the good news is that they the state legislature recently raised that ceiling the homestead protection amount to 250 thousand dollars which is good considering how much home values have risen average sales prices have risen by a hundred thousand dollars just in the past year.

So there's a really good chance that many homeowners have significantly more than 150 000 worth of equity in their home the bad news is that a change in the law now allows judgments to take precedence over that homestead protection. So,  if a creditor is able to get a judgment against you and it is recorded against your house even though it's your primary residence that 150 or 250 now is no longer guaranteed and protected under homestead exemption and that is going to take effect as of January 1st of 2022 so it is a huge change. Oh, and one more thing on that is that it can be retroactive so the judgment does not necessarily have to have been placed before January 1st, 2022 a creditor or you know someone else could get a judgment against you from something that happened you know previously I’m sure there's some statute of limitations and that kind of thing let's say something happened in 2020 they go out and get a judgment and place it on your house you might run into some big problems selling that house and most likely that judgment is going to have to be paid so very very big change again if you think this might affect you I think probably the most common scenario where this is going to affect people is a medical debt you know.

Again, I'm not a bill collector and I’m not a lawyer I don't know how often the medical collectors are going to be seeking judgments but I am willing to bet that it will become more frequent now that this law has passed because they can pretty much tie your hands put a judgment on your house and say hey you can you can't sell your house now you've got 300 000 worth of equity in your house someday when you sell we're getting our money one way or another so keep that in mind and please let me know if you have any additional questions I hope you found this information helpful.

 Let us know when you need more tips on selling your home!

Here are more videos like this!

Thinking About Remodeling? Here’s some tips.
If you’ve made the decision to remodel your home before selling it, you should do some research to find the right contracting company.
Digital Photography
When selling your home, it’s important to upload high-quality images that really show it off to potential buyers.
How to Recognize a Qualified Buyer
When you’re selling your home, it’s exciting to get an offer! But unless your potential buyer has the resources to qualify for a mortgage, you might not really have a sale.
Questions to Ask Yourself When Considering Selling
If you’re thinking about selling your home and moving to a new location but you aren’t entirely sure about the idea, here are some helpful questions to ask when making up your mind.
Tips to Make the Sale Process Faster
If you’re thinking about listing your home on the market, here are some tips to make the sale process faster and easier long term.
Home Showing Checklist
If you’re selling your home and are getting ready for a home showing, here are some tips that will increase your chances of success.
How To Add Curb Appeal
Want to add some curb appeal to your home before listing it on the market? Here are some tips that will help!
How To Attract More Buyers
Attracting buyers to your home on the market is an important task in order to have it sell quickly. Here are some tips on how to convince buyers to make an offer on your home!
What to Know About the Appraisal Process
After accepting a contract for the sale of your home, the buyer’s lender will send an appraiser to make sure the purchase price is in line with the property’s value.
"Merrill and Kristi Jencks Make Home Selling Easy" - Sell a Home Without Worry Seller Review
Merrill and Kristi are a husband-wife team of agents who work together to help you buy or sell your home. They make it easy, stress-free, and will get the job done right! Susan describes her experience selling two homes and buying two homes with the Jencks.
Changes to the Arizona Homestead Protection Act
Changes to the Arizona Homestead Protection Act In the past 150K worth of equity was protected against the judgment and civil suites. The state legislature raised that ceiling to 250K recently and that is great news. The change in the law now allows judgments to take precedence over homestead protection. This is a huge change and it can be retroactive. The change in the law now allows judgments to take precedence over homestead protection.
Do's and Don'ts for Selecting Tenants - Investor Insights
What are some of the best ways to select tenants? I'm glad you asked! In this video, I share my three top tips for selecting great renters for your property. A lot of people think they know what it takes to be a landlord, but the truth is that there are some things you need to learn. Watch this video and find out my top tips for how to select good tenants in today's market! If you want to become a successful investor, subscribe to this channel so you never miss a video! Also, follow me on Facebook and In
Why Homes Don't Sell
How to Prep your House to Sell
Are you getting ready to put your house on the market and want to know how to prep it to sell? There are a number of small improvements you can make to prep your house to sell for more money and in less time! If you want to learn more about how to buy and sell real estate in today's market, make sure you're subscribed to this channel and follow me on Facebook and Instagram at @BigHelperGroup and @MerrillJencks
Should I fix up my home or lower the price?
When you're selling your home and you're not getting as many offers or as much money in your pocket as you want, it might be time to ask yourself "should I fix up my home or lower the price? Lots of sellers face this question, and it's important to know the difference. If you want to know more about buying or selling, make sure you're subscribed to this channel and follow me on Facebook and Instagram at @BigHelperGroup or @MerrillJencks
What does an "as is" contract mean?
When you're purchasing real estate, what does it mean when you accept a contract "as is"? There are different ways to construct your contract when you make an offer on a home, and sometimes making it "as is" gives you an advantage over other offers. Want to learn more about buying and selling real estate in today's market? Make sure you're subscribed to my channel and follow me on Instagram and Facebook at @BigHelperGroup and @Merrill Jencks!
Reasons why your home is not selling
Have you listed your home and it's not selling as quickly as you wanted it to? Maybe you keep getting low-ball offers? It's time to consider why that's happening, especially in a hot market like we have today! There are a few reasons why your home might not be selling, watch the video to learn how you can adjust what you're doing to get your home sold! If you want to learn more about buying and selling real estate, make sure you're subscribed to our channel and follow me on Facebook and Instagram at @bighe
Is the Buyer Pre-Approved, or Not?
When selling a home, it’s important to understand the different types of loan approvals that you will come across.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Post a Comment