Q: Gf is being sued. Can we lose our home if she loses? Home is under both our names.
Gf was in an accident(at fault) with 2 other vehicles. (25k/50k policy) First vehicle took the settlment. Second vehicle owner is suing for 250k. She makes about 35k a year and no savings. Can we lose our home that is under both our names. 250k mortgage, valued at 390k? Is it protected under homestead in ca?
A: It depends on how you own the property, as joint tenants or as a tenancy in common. If you are joint tenants, then a judgment creditor cannot likely place a lien on your home. The homestead exception applies only if the judgment debtor files for bankruptcy protection, in which case the home she lives in is protected from seizure by a creditor.
A: Her insurer should not have paid out the policy unless all claimants were included in settlement. Consult with a knowledgeable insurance attorney to discuss the current situation and whether the insurer has acted in breach of its obligations.
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