Safe home: Family financial protection that temporarily subordinates the economic interest of creditors, owners and heirs

Abstract

The figure of safe home was modified by legislation approved in 2011. For more than one century, the safe home has tried to protect the principal residence of an individual family member or family group to (1) establish a maximum value of the residence protected against garnishments; and (2) provide the right to own and enjoy a residence exclusively for determined time in cases of divorce, separation or death. The new legislation eliminates the protected maximum value against embargoes and establishes that the residence will be free of execution; however, the statute indicates that the mortgage sector, government, and contractors, under certain circumstances, may execute the residence for the collection of a debt; therefore, in trying to protect certain owners of residences and creditors, the new rule of law simultaneously moves to a second place other people with economic interests over a residence.