When multiple parties own a property together, one party can file for a partition sale. This could be because one wants to sell and the others don't, or because someone isn't paying their share of the mortgage, family disputes, etc. The parties go to court and if they cannot resolve their differences in any other way, the judge will sent the property through for a partition sale that is held very much like a foreclosure sale. If there is a mortgagee, they may send a representative to bid, similar to in a foreclosure sale, but the interested owners may also show up to place a bid. It could end up being a bidding war between family members.
Partition sales are rare so I don't have nearly the experience with them as I do with regular foreclosures, but I'm including them on the foreclosure calendar because of how similar they are in the process.
No comments:
Post a Comment