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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Foreclosing on 1/2 Interest Posted by Rick Harmon on September 14, 2003 at 1:47 PM In Reply to: Foreclosing 1/2 a house? posted by Greg on September 14, 2003 at 12:32 AM : What happens if one of two owners (tenants in common) get foreclosed upon? Does the Trustees Deed grant the entire property to the successful bider, or just 1/2 of it? : Greg Greg: The answer can always be found by relating back to the underlying security and the TD. If the TD is recorded on a 1/2 interest, that's the most the lender or 3rd party bidder will get at the sale. If the property title had defects/clouds/partial interests when the TD was originally recorded (lenders big and small have made this mistake), that's what your gonna get if you get title via a trustee's deed upon sale (of that TD). However, you CAN sometimes fix the problem later (perfect title) thru getting a deed from the owner of the other interest or filing a legal action called a Petition to Quiet Title. See your real estate attorney for the particulars on the latter. We see it all the time with probates, by the way. Hope this helps. Rick Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : What happens if one of two owners (tenants in common) get foreclosed upon? Does the Trustees Deed grant the entire property to the successful bider, or just 1/2 of it? : : Greg : : Greg: : The answer can always be found by relating back to the underlying security and the TD. If the TD is recorded on a 1/2 interest, that's the most the lender or 3rd party bidder will get at the sale. If the property title had defects/clouds/partial interests when the TD was originally recorded (lenders big and small have made this mistake), that's what your gonna get if you get title via a trustee's deed upon sale (of that TD). : However, you CAN sometimes fix the problem later (perfect title) thru getting a deed from the owner of the other interest or filing a legal action called a Petition to Quiet Title. See your real estate attorney for the particulars on the latter. : We see it all the time with probates, by the way. : Hope this helps. : Rick Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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