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Asked in Cookeville, TN Mar. 28, 2017 ,  1 answers Visitors: 12
Tennessee a non community property state, can my home be taken if someone receives a huge judgement against me?

1 Answers

Anonymous
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Posted on / Mar. 28, 2017 20:21:26

No, probably not, under your stated scenario, for three reasons: 1) you don't own the house; 2) in most states, homestead exemptions bar creditors from seizing a marital residence lived in by husband and wife (the "homestead") (unless it's a creditor granted a consensual lien on the homestead (your mortgage, for example)); and 3) even if they could foreclose a judgment lien against the house, their lien would be inferior to the lien of your mortgage, and there's no equity. It would be a good idea to consult an attorney about protecting your assets from creditors. There may be ways to prevent losing non-exempt property to a general creditor, but if done incorrectly will be ineffective. Good luck.

PS: My comments here are not legal advice on your specific situation and do not create an attorney-client relationship between us. Consult an attorney in your state for legal advice on your particular circumstances.

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