Homesteading?

Question

what exactly does it mean when you file to homestead?

Answer 1

the last $35k becomes protected by the federal government. it will probably never factor for you unless you get into a eminent domain situation

Answer 2

Legally it means to get a grant of a land from the government.  If you "make something of it" such as build a house, make a farm or ranch of it, then you get the deed to the land after a period of time.  This is not that common these days but there are parts of the west where you can still see homestead opportunities.