Unforeseen tragedy can strike anyone at any time. Medical bills and accidents can happen. Your home should not be at risk. With Nevada's Homestead Exemption, you can protect yourself.
Nevada has a very generous $550,000.00 Homestead Exemption. As set forth in NRS 115, it is purely statutory, meaning that the homestead law is created by statute and cannot be modified by a court or an administrative act. It’s here to stay! The Nevada homestead law protects your home from foreclosure by any general civil creditor, such as medical bills, credit card debt, business and personal loans, liabilities arising from a car accident, and even a bankruptcy filing. That means that if you are sued for any liability listed above, the creditor can lien your home, but cannot foreclose on it, provided the Homestead Exemption has been recorded in the County in which your primary residence is located. The policy behind this law is to protect Nevada residents from losing their home in the event of some unforeseen catastrophe. As the Homestead Exemption applies only to the primary residence, remember that second homes will not be covered.
The completed Homestead Declaration can also be mailed to the Recorder's main office. The Recorder's Office is unable to accept mailed documents for recording at the Satellite Offices.
500 S. Grand Central Pkwy. 2nd Floor
Las Vegas, NV 89155-1510
Henderson City Hall
240 S. Water Street 1st Floor
Henderson, NV 89015
Dona Maria Plaza
3211 N. Tenaya Way Suite #118
Las Vegas, NV 89129
When you record a Declaration of Homestead, Nevada law protects the equity in your home up to $550,000 from general creditor claims (unpaid medical bills, bankruptcy, charge card debts, business/personal loans, accidents) but would not preclude a seizure or forced sale of your residence from general creditors if your equity exceeds the $550,000. A creditor may file suit and can record a judgment lien against any real property you own. Recording a Declaration of Homestead protects your principal residence up to the statutory maximum. For example, if the value of your home is $645,000 and you have a first mortgage of $485,000 plus a second mortgage of $10,000, the equity is $150,000.
The Homestead law does not protect you against debts secured by a mortgage or deed of trust, payment of taxes, IRS lien, mechanic's lien, child support or alimony payments.