The Mavroules Team - Atlantic Coast Homes



Posted by The Mavroules Team on 11/9/2018

The Massachusetts Homestead Law is a very useful law that was put into place as a protection of homeowners’ property. The law may protect your home against the claims of creditors. The act applies to your home if: 

  • You live in the home or plan to live in it
  • You use the home or plan to use the home as your primary residence 

Things To Know About The Law


It does protect manufactured and mobile home

Homestead protection does not stop your home from being foreclosed on in the event that you don’t pay your mortgage


Declaration Of Homestead


You must declare that your property is a homestead property in the state of Massachusetts. This declaration will protect the equity value of your home from creditors. The equity of your home is what the “fair market value” of the home is. To calculate this value, find out what the value of your home is, then subtract all home equity loans, liens, and mortgages that you have against the house. The number that’s left is what the equity value of your home is.


When a Declaration Of Homestead is in place, you’re protected from creditors who would otherwise force you to use your equity so that you you can repay the debts that are owed. Without this protection, creditors can foreclose on your home. The only creditors that a Homestead does not protect you from are home loan companies, the IRS and legal child support obligations. 


When the loan for your home is in good standing and a Homestead is in place in Massachusetts, the following applies:


A creditor cannot auction your home if you, other owners of your home, any family members, or any family members who move into your home at a future date live there. This means that even in the event of your death, these people will all be protected from creditors taking value from the property while they are living on the property. 


Key Points


Any family members who have debts and are living in the house are also protected under the Homestead Act in Massachusetts. 


$125,000 is automatically protected. 

A Homestead Declaration needs to be filed for up to $500,000 of protection to be initiated.  


How A Declaration Of Homestead Is Filed


You’ll need to go to the Registry Of Deeds in the county where the property is located in Massachusetts to file a Declaration Of Homestead. The document will need to be notarized and there is a fee associated with filing. You may be asked if you’d like to file the Homestead Protection during the purchase agreement signing for your Massachusetts home. Note that if a lien was put on your property before the Homestead Declaration is filed, you are not protected.


Talk to your real estate attorney and realtor for more details and information on how to file a Homestead Declaration when you purchase your Massachusetts home.




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Posted by The Mavroules Team on 11/8/2018

This Condo in Salem, MA recently sold for $365,000. This Townhouse style home was sold by The Mavroules Team - Atlantic Coast Homes.


4 Boardman Street, Salem, MA 01970

Condo

$365,000
Price
$365,000
Sale Price

7
Rooms
4
Beds
2
Baths
Live just steps from Salem Common in a unit this size for under $400K! Renovated 3-4 bedroom 2 Level townhouse style condo. Smell the salty ocean air from your renovated historic home in the heart of Salem. Updated eat-in kitchen boasts gorgeous cherry cabinets, granite counter-tops tile floor and stainless steel appliances. Huge laundry room in unit, Soaring high ceilings, So much light bouncing off the newly refinished Wide Pine and HW floors (throughout). Full tiled bathrooms with subway tile and glass tile accents. Quiet building with great architecture and character. PRIME location perfect for commuter!!! Newer heat, hot water and new roof. Pet friendly assoc. One end of the street has the ocean, the other end of the street is the Salem Common. Basement storage, replacement windows throughout. back deck and Common back yard with patio, Deleaded. Walk to beach! Close to MBTA, restaurants and much of Salem's history!!

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Tags: Salem   Real Estate   Condo   01970  
Categories: Sold Homes  


Posted by The Mavroules Team on 11/7/2018


103 Loring, Salem, MA 01970

Rental

$1,900
Price

5
Rooms
2
Beds
1
Baths
Newly Renovated First floor apartment in an OWNER OCCUPANT 3 family home. This apartment features 5 spacious rooms including 2 BEDROOMS with plenty of closet space, eat in kitchen featuring GRANITE countertops plus bonus PANTRY with lots of cabinet space, updated bath, plus an OVERSIZED living room and dining room; lots of windows with plenty of sunlight! Additional features include New STAINLESS steel appliances - gas stove & refrigerator, BUILT IN HUTCH, updated fixtures, ceiling fans, HARDWOOD floors throughout & PARKING! Steps to Salem State University, Restaurants, Shopping & all Salem has to offer!
Open House
No scheduled Open Houses

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Tags: Salem   Real Estate   01970   Rental  
Categories: New Homes  


Posted by The Mavroules Team on 11/7/2018


25 Lincoln Ave, Haverhill, MA 01830

Riverside

Single-Family

$279,000
Price

4
Rooms
2
Beds
2
Baths
Seize this rare opportunity to own an amazing 2 bedroom home in the highly desirable RIVERSIDE neighborhood. This SUN-SPLASHED move-in-ready ranch with EXPANSION POSSIBILITIES in the lower level is conveniently located near shopping, restaurants and the COMMUTER RAIL. Highlights include GLEAMING HARDWOOD FLOORS, newer roof, new windows, living room with working fireplace, plus a detached garage. Set on a gorgeous lot with plenty of CURB APPEAL, this home features a great fenced in backyard, perfect for enjoying your morning coffee while overlooking your professionally landscaped yard. Pride of ownership shows in this lovingly cared for home, just waiting for a new family to make it their own. Don't let this one get away!
Open House
Sunday
November 11 at 11:00 AM to 12:30 PM
Cannot make the Open Houses?
Location: 25 Lincoln Ave, Haverhill, MA 01830    Get Directions

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Categories: Open House  


Posted by The Mavroules Team on 11/7/2018


25 Lincoln Ave, Haverhill, MA 01830

Riverside

Single-Family

$279,000
Price

4
Rooms
2
Beds
2
Baths
Seize this rare opportunity to own an amazing 2 bedroom home in the highly desirable RIVERSIDE neighborhood. This SUN-SPLASHED move-in-ready ranch with EXPANSION POSSIBILITIES in the lower level is conveniently located near shopping, restaurants and the COMMUTER RAIL. Highlights include GLEAMING HARDWOOD FLOORS, newer roof, new windows, living room with working fireplace, plus a detached garage. Set on a gorgeous lot with plenty of CURB APPEAL, this home features a great fenced in backyard, perfect for enjoying your morning coffee while overlooking your professionally landscaped yard. Pride of ownership shows in this lovingly cared for home, just waiting for a new family to make it their own. Don't let this one get away!
Open House
No scheduled Open Houses

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Categories: New Homes  




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