Re: Partition suit - Posted by JT-IN
Posted by JT-IN on September 18, 2003 at 21:04:33:
So the liens are 20K and you could sell it for 50K… this may mean that you might, I repeat, might make 10K, less your costs to bring the action… Yes, thsi will likely involve a lawsuit, although I am not familiar with GA law, so I am guessing here. I do see that you have Judicial and Non-judicial FC’s, so it could go either way.
In my area, where we have Judicial FC’s, a Partition suit is exactly that; a Lawsuit. These can be more costly than a straight mtg FC suit, but not always. So lets guess here and say that the cost of the partition action might be 5K… you are undergoing lots frustration and unknowns for a small, potential payday.
Why do you only get the 10K, less expenses…? The estates of the other owners are going to reap 1/3 of the equity, just the same as you are… hence appx 10K, less expenses… which may not be shared by the other equity owners.
Just the way that I view things…