John Hyde <EJhyd@netscape.net> wrote:
beachshark1@yahoo.com wrote:
A brother had a vehicle repossessed. Myself and his other
siblings are in the process of finalizing probate, which at the
end of this process we four will be co-owners of a home.
Can there be problems before the probate is settled? Can they
put a lien on the home, even though he owns but one-quarter?
Probably not. Most states have a "partition" statue that allows
one owner to force a division of real estate (or conversion to
cash and then division) under certain circumstances. My guess
is that a court would not allow partition to satisfy a claimant
who bought a 1/4 interest for the value of a vehicle repo
deficiency.
In California partition usually means sale, since that's the only
way it can actually be divided. An owner of a quarter can force
the sale, but the other three can purchase if they choose.
Now that you know that, what do you think of the likelihood of
*anyone* spending *anything* at a forclosure sale?
It's likely the creditor alone would bid - and perhaps a number
lower than the amount he is owed. Even though the brother's share
of the house may be worth more than the debt, if the creditor ends
up buying it for less, brother could still end up owing money.
My guess is that they would be satisfied to let their judgement
attach to the propery and collect from his share when and if it
is later sold.
That's generally what's done, yes.
Stu
