Can our home be taken away due to our collective debt?

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Can our home be taken away due to our collective debt?

My fiance and I purchased a home 2 years ago, free and clear. Both our names are on the title; both of us have had previous financial problems, credit card debt, write-offs, etc. It has come back to bite us. Sheriffs have come to the house looking for us stating it’s a civil matter. Can they take our home from us?

Asked on January 19, 2012 under Real Estate Law, North Carolina

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

There is always the possibility that your creditors can file a lawsuit against you for money owed (I suspect that the sheriff is trying to serve you with a summons and complaint) and a civil judgment can result against you.

If you cannot get the civil judgment paid off, there is the chance that the judgment creditor can force the sale of your home to try and get equity out of it to pay off the anticipated civil judgment.

I suggest that you consult with an attorney that practices in the area of consumer law to help you.


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