My brother in law filed a petitiion to partition asking the court to sell the property for no less than 190k we owe 178k plus on the loan will the court allow it to go through ?
I filed an answer asking the court to deny the partition because after court cost there wont be enough to pay the mortgage holder. Plus he owes me for contribution during the time he stopped paying... I want to buy him out but he wants the property sold.. What do you think the courts will do?? What is the next step the court will take since I filed an answer to his partition and how long do partitions take?
Joint owners of real property have a right to file a 'petition to partition' in which the court adjudicates the respective rights of the parties. This is the equivalent of a property division in a divorce where the co owners are not married. The court looks at factors including contributions to the property, payments, sweat equity, and others. In a case like this the final order could award the property to one, with the debt or equity being split in accordance with a proportion the court finds "equitable", or the court could order a sale, with any sale proceeds or debt again split equitably.
Your request to 'deny' the petition is not a potential outcome, as joint owners have a right to partition. The issue is how the court will accomplish the partition. I have handled these. They take time and money. They can get somewhat complex and bogged down in procedural issues.
Therefore, it is recommended that you attempt a mediation or arbitration first.
I truly wish you the best.
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This answer is offered for informational purposes only. It is not offered as, and does not constitute, legal advice. Laws vary widely from state to state. You should rely only on the advice given to you during a personal consultation by a local attorney who is thoroughly familiar with state laws and the area of practice in which your concern lies.
YOU REALLY NEED TO LOCATE A LOCAL REAL ESTATE AND PROBATE ATTORNEY DOWN THE CAPE AS YOUR ISSUES ARE QUITE INVOLVED. WHILE I HAVE NEVER SEEEN A SHORT SALE WITH RESPECT TO A PETITION TO PARTITION, IT CERTAINLY IS POSSIBLE.I THINK IT IS ESSENTIAL TO TRY O NEGOTIATE SOME KIND OF SETTLEMENT IF POSSIBLE AND YOU NEED COUNSEL TO DO THAT.