QUESTION
What legal right do they have and how can I protect myself?
Asked on Mar 02nd, 2013 on Foreclosures - California
More details to this question:
I co-own a house with my siblings. My sister and I are on the loan, both of us and two our brothers are on the title. The property is considerably underwater. We have a short sale offer and it is now in process. My brothers are constantly threatening to stop the short sale (by not signing the transfer of title) because they believe it is an "investment".
6 ANSWERS
You are in a difficult position. Your best leverage is to tell your brothers that if they short sale doesn't go through, you will quit making the payments and the house will be lost to foreclosure. Of course, that would hurt your credit.
Answered on Apr 01st, 2013 at 3:03 AM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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Great. Ask them to undertake the loan for their 'investment.' There are some other, rather cumbersome, ways to transfer the house without their consent, but it means a lawsuit.
Answered on Mar 05th, 2013 at 5:22 AM
Chapter 13 Bankruptcy Attorney serving Winston-Salem, NC
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Love and Dillenbeck Law
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Unfortunately, all owners have to agree to the sale of the home. I am not sure what benefit you are getting out of the short sale in your situation. You may want to speak to your brothers to see if you can convince them that a short sale is better than a foreclosure.
Answered on Mar 05th, 2013 at 5:21 AM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Make sure that you all talk to a real estate attorney in order to determine your rights. Short sales are extremely dangerous and rarely beneficial to the borrower. Be careful.
Answered on Mar 05th, 2013 at 5:18 AM
1 Award
Your remedy in CA is to file a partition lawsuit which involves getting a court order to force the sale of the property. But that is a very time-consuming process, taking upwards of a year or longer. Plus, you really need legal counsel to pursue that course, which will likely cost $30,000 - $40,000 in attorney's fees and court costs. But the court can force the other owners to reimburse you for their proportionate share of the attorney's fees and costs incurred in the partition action.
Answered on Mar 04th, 2013 at 11:21 PM
They have that right. You can get them to sign quitclaims to you to get them off title.
Answered on Mar 04th, 2013 at 10:52 PM