Posted by ron on October 15, 2005 at 16:46:14:
The property is Tenants in Common I only own 1/2 interest I want to get rid of the 1/2 interest for 100.00
abstract of judgment - Posted by ron sullivan
Posted by ron sullivan on October 10, 2005 at 17:02:01:
My lady friend and I have been together for 24 years and own one piece of property as Tenants in Common. She is 16 yrs younger than I I have an abstract of judgment against me only that has grown by interest over the past 30 years. Can i quit claim my share of the property to her or sell her the interest I own without her assuming any liability there is no recorded lien on the property itself but she would like to refi the place as I am elderly
Re: abstract of judgment - Posted by eric
Posted by eric on October 12, 2005 at 11:59:30:
What state are you in? In CA, judgments are only valid for 10 years unless renewed prior to the expiration of theat 10 year period. If there is a similar law in your jurisdiction, check to see if the judgment has been renewed in time. If not, then you are likely free and clear from it.
Re: abstract of judgment - Posted by John Merchant
Posted by John Merchant on October 11, 2005 at 10:28:09:
The AJ could be a lien if it’s recorded in the same county as your RE (and it’s in same name as the title to the house), so it might show up to obstruct the title upon a title search.
Meaning that if you tried to sell it, the title co. might insist on that J being cleared and released before they’d issue a clear title report or insure the title.
If I were you I’d have a 3d party (friend)contact the J holder and see if he/she could maybe buy that J for a few cents on the dollar…
“…I buy notes and Js and noticed your old J and wondered if you’d like to get some cash for it. What would you take for it?”
Since most Js are basically worthless, with the J holder long ago become hopeless re his prospects of ever recovering, it could be possible to buy that J for tiny fraction of its accrued total book value.
Re: abstract of judgment - Posted by ron
Posted by ron on October 15, 2005 at 11:14:53:
The judgment was renewed in 1999. My lady friend who is Tenant in Common wants to refi the property I have no problem Quitclaiming it or selling my 1/2 interest to her for a nominal sum Is this legal?
Re: abstract of judgment - Posted by ron
Posted by ron on October 12, 2005 at 12:59:46:
It was renewed in 1999 I would like to know if I can quit claim or sell for a nominal figure my 1/2 interest in our home to the other tenant in common who will inherit it any way she would like to refi as I am elderly thx ron
Re: abstract of judgment - Posted by John Merchant
Posted by John Merchant on October 15, 2005 at 15:39:54:
Absolutely, but she can’t get any better title than you have now, so she takes it “subject to” that J lien.
Be cautious here and make sure you disclose in writing the title defect so she clearly understands it…otherwise her next boyfriend may turn her against you and claim fraud in your selling her encumbered RE that you did not disclose to her.
Re: abstract of judgment - Posted by ron
Posted by ron on October 15, 2005 at 16:42:04:
We have been together 24 years not concerned about a new boy friend I want to sell, quitclaim, my interest in the property for a mximum of 100.00. to either her or a 3rd party. The J is against me and I have no problem walking away from the whole thing. Question does the Abstract stay with the property over and above my 1/2 interest?
Re: abstract of judgment - Posted by John Merchant
Posted by John Merchant on October 15, 2005 at 17:54:48:
The J creditor could force a sale of your 1/2 interest, but of course there would be no buyers or takers…that’s why they haven’t attached the RE long ago.
The AJ stays with the property and you own 1/2 MINUS the AJ amount and court costs and interest, so that’s all you can convey.
My guess is eventually the AJ will go away as it won’t be renewed forever unless you eventually own it 100%…then they’d force execution sale.
Since you own only 1/2 undivided TIC interest, if you wanted to clear this you could probably make contact with the J holder and buy it for pennies on the dollar.