Can someone suing a Co-Owner steal my partially of the equity within a mortgage also?
If I co-own a house with a friend and he/she was sued for an quirk, had a lien for doctor bills or credit cards, etc., would that affect my share of the property also? If so, what type of agreement can be written up to prevent this?
Thanks
Answers:
It will complicate the matter if contained by the future you try either get rid of or refinance the place, since the lien is valid on his/her interest in the property
depends on the vesting in the homes title. Tenants within common no your half is protected. JTWROS next no you are not protected. Any liens must be paid if selling or even refinancing in the adjectives. So if the friend does not pay them then you too would enjoy to sue her in all of this since if selling the agents gain commissions and that comes out of the sales price. She must pay the liens surrounded by any event since they gain interest as well
In most states if you are tenants surrounded by common on the deed, they largely can't touch your interests.
Talk to a real estate lawyer; probability are you only need a correctly record and prepared deed.
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Thanks
Answers:
It will complicate the matter if contained by the future you try either get rid of or refinance the place, since the lien is valid on his/her interest in the property
depends on the vesting in the homes title. Tenants within common no your half is protected. JTWROS next no you are not protected. Any liens must be paid if selling or even refinancing in the adjectives. So if the friend does not pay them then you too would enjoy to sue her in all of this since if selling the agents gain commissions and that comes out of the sales price. She must pay the liens surrounded by any event since they gain interest as well
In most states if you are tenants surrounded by common on the deed, they largely can't touch your interests.
Talk to a real estate lawyer; probability are you only need a correctly record and prepared deed.
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