Robert owns his home in Lowell, Massachusetts and has never recorded a Declaration of Homestead. He owes $80,000 on his mortgage and has $200,000 in equity. A contractor who performed work on his home has filed a mechanic's lien, and a credit card company has obtained a $150,000 unsecured judgment. Under MGL Chapter 188, which debt is NOT protected against by the automatic homestead?
Correct Answer
B) The contractor's mechanic's lien for work performed on the property
Under MGL Chapter 188, homestead protection does not apply to mechanic's liens or other liens arising from work performed on the property. The contractor's mechanic's lien is a secured interest in the property created by work done on it, which is specifically excluded from homestead protection. The automatic homestead only protects against unsecured creditor claims.
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Related Topics & Key Terms
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Related Concepts
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
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