Legal Question in Personal Injury in Massachusetts
If you are sued for a monetary sum, can your home be taken if you have a mortgag
I do not have a mortgage on my home. I own it outright. If anyone in my family, myself, husband or children,were the cause of a car accident which critically injured someone or caused the death of another person could our home be taken from us. If so, would having a mortgage prevent this from happening since the bank would own part of the home?
2 Answers from Attorneys
Re: If you are sued for a monetary sum, can your home be taken if you have a mor
No. A mortgage is not going to help you keep your home in the siaution you described. A declaration of homestead, in most circumstances, will let you keep your home. Also, a good homeowners policy and/or an umbrella policy will cover the claims, and protect your home. Talk an insurance broker about protecting your assets.
Re: If you are sued for a monetary sum, can your home be taken if you have a mor
The answer to you question is "yes", but there are ways to avoid it. First you could place your home in a trust. Second, for a car accident, your car insurance would cover and it should have appropriate limits - $40K won't help. You can also purchase an "umbrella" policy that kicks in after your care or homeowners insurance is exhausted. Finally, you should have filed a homestead exemption at the time you bought the house. This protects you up to a certain amount from any claims against the house.
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