Can we lose our house if one of the co-owner’s get a judgment awarded against them?
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Can we lose our house if one of the co-owner’s get a judgment awarded against them?
My father co-signed for mine and my husband’s home. He has recently been in a car accident in a company van. They are suing the company but if they sue him, could they try to take our house even though he owns 1/3 of it?
Asked on August 25, 2011 Florida
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
You are very wise to try and think things through here. If there is a judgement rendered against an owner of real property, the judgement creditor can file a lien against the real property. Whether or not they can force a sale of the property remains to be seen and is governed by state law. But if your Father was in a company van - which I am taking to mean he was involved in the accident during the course of his employment - then his employers insurance should cover him (indemnify him) for injuries sustained by the other driver if he is found to be negligent even if he is personally named. Good luck.
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