Misinformation Provokes Stampede Of Homeowners Filing Homestead Affidavits To Avoid Foreclosure

In Prescott, Arizona, The Daily Courier reports:

• The Yavapai County Recorder's Office is on the receiving end of a small stampede of county residents filing homestead affidavits. The reason - homeowners have a mistaken belief it will protect them from banks or creditors foreclosing on their homes."That is a totally false rumor," Jill Hoogendyk, president of Arizona Mortgage Lenders Association said. "Homestead protects you from losing your equity in a home if you are getting sued, but it has nothing to do with foreclosure." [...] Hoogendyk said that the misinformation about a homestead exemption protecting against foreclosures, sounds to her like "a sign of our times with so many people getting foreclosed on."

For more, see Homestead filing no protection against foreclosure.