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HB 1058 Increase Statutory Homestead Exemption

December 31, 2009
Mortgage Lending

H1058 significantly increases the amount of equity in their home that a homeowner can protect from creditors. This allows individuals with debt to keep their homes rather than having their home sold to satisfy a judgment. The law raises the NC homestead exemption from $18,500 to $35,000 per individual ($70,000 per married couple). If the homeowner is 65 or older, and previously owned the home with their deceased spouse, they can exempt $60,000.