What is the homestead exemption?

The homestead exemption is a law in Washington that protects a homeowner from having to sell their home in order to pay off debt. This law ensures that a home can be kept by the homeowner regardless of debt. In Washington, the homestead exemption is applied to up to $125,000 of the home’s value, which is not subject to forced sale by creditors. This means that if a homeowner owes money to creditors, these creditors can’t force the homeowner to sell their home in order to pay off debt. This protection also applies to military personnel on active duty, making it so that a creditor can’t force them to sell their home while they are away on deployment. Additionally, the homestead exemption applies to any equity that the homeowner has in their home. This means if a homeowner has a mortgage, their equity in the home is protected up to the $125,000 value. This applies regardless of how much mortgages and other debts the homeowner currently has. In Washington, the homestead exemption is a powerful form of protection for homeowners and is intended to help them stay in their home regardless of whether or not they owe money to creditors. By providing a protected sum of money to homeowners, lenders can have more confidence in their investments, and homeowners can have the peace of mind knowing that their home is safe from forced sale.

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What is the homestead exemption?

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