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Selling My Share of a House... Allowed?

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  • Selling My Share of a House... Allowed?

    Recently, I became a 1/7th owner of my father-in-laws home. My wife died in September after a long fight with cancer, God rest her beautiful soul. She was the youngest of 7 brothers and sisters. I am now ready to file Chapter 7. I need to understand what the implications are concerning my ownership of the home.

    Will the trustee put a lien on the home?

    Can the trustee force the sale of the home?

    Can I sell my share of the home before I file and spend the money?

    Can I sell my share of the home at less than it is worth?

    I probably won't be able to sell my share at it's full value, so I was thinking of selling it at a reduced amount ($7,000 instead of $10,000). Would that be allowed? I would like to take the money and put it down on a lease to own contract on the house I am renting. Would that be allowed? I know I'm asking a lot of questions here, but I am so confused about this. Thank you in advance if anyone has any insight on my situation.

  • #2
    You are clearly in a pickle.
    I don't think the trustee can force the sale of the home, as he/she would have rights to only 1/7th of its value. The interest just isn't there to force the others do do what the trustee wants.
    I also do not know how you could sell this, other than to one of the other 6 owners of the home. Strangers would not have a interest in owning a place with a bunch of people they don't know in this manner.

    I suggest you schedule a consultation appointment with a few local bankruptcy attorneys to see what the legal implications are of this.

    Best of luck to you.
    8-07-09-filed Chapter 7
    11-18-09-DISCHARGED!!

    Life is not what challenges you face, but how you face those challenges.

    Comment


    • #3
      NoMoreCards, thank you for your reply. Since I posted, I have found more information about the situation. I also have an appointment to see an attorney next week. In the beginning, I was going to file pro-se. I thought I could do it myself. Now, with my wife's death, and the implications of her debt, along with the interest in the home, I'm sure I wouldn't be able to do it alone!

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      • #4
        Originally posted by NoMoreCards View Post
        I also do not know how you could sell this, other than to one of the other 6 owners of the home. Strangers would not have a interest in owning a place with a bunch of people they don't know in this manner.
        Exactly. If $10,000 is 1/7 of the value of the entire home, the market value will be less than $10,000. From my experience getting valuations of property for estate tax purposes, $7,000 could very well be in the ballpark. There are appraisers that will do discount valuations of a fractional interest in real estate. If you sell at a price that is backed by an appraisal, you should be okay. But, check with an attorney first.
        LadyInTheRed is in the black!
        Filed Chap 13 April 2010. Discharged May 2015.
        $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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