{"id":373742,"date":"2016-03-31T21:35:26","date_gmt":"2016-04-01T02:35:26","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/state\/maine-law\/maine-homestead-laws.html"},"modified":"2016-06-20T19:51:44","modified_gmt":"2016-06-21T00:51:44","slug":"maine-homestead-laws","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/state\/maine-law\/maine-homestead-laws.html","title":{"rendered":"Maine Homestead Laws"},"content":{"rendered":"\n
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Maine Homestead Laws<\/h1>\n
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Created by FindLaw’s team<\/a> of legal writers and editors<\/i><\/p>\n\n | Last updated\n

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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

The Homestead Act of 1862<\/a> accelerated the settlement of the western territory by granting adult heads of families<\/a> 160 acres of surveyed public land for a minimal filing fee and 5 (five) years of continuous residence on that land. During the homesteading era<\/a> over 1.6 million people claimed and settled more than 270 million acres of public land.<\/p>\n

Homestead Laws Today<\/h2>\n

Today, each state has its own homestead laws, which can protect a certain portion of the property owned by the head of a household from being confiscated and sold to satisfy debts. Homestead protection laws are intended to prevent homeowners from becoming homeless in the event of extreme financial hardship. Specifically, individuals in danger of losing their home to foreclosure<\/a> may declare a limited portion of property as a "homestead" and thus off-limits to unsecured creditors.<\/p>\n

What Qualifies As a Homestead?<\/h2>\n

A homestead is any residential property, including a co-op or condominium, owned or held in a revocable living trust and occupied as the owner’s permanent residence or owned by a cooperative housing corporation and occupied as a permanent residence by resident who is a qualifying shareholder.<\/p>\n

The homestead exemption also applies to the proceeds from the sale of any of this property for six (6) months after you receive the proceeds.<\/p>\n

What Does a Homestead Not Include?<\/h2>\n

A homestead does not include any real property used solely for commercial purposes.<\/p>\n

Maine Homestead Laws<\/h2>\n

In Maine, the homestead exemption<\/a> has up to<\/p>\n