I am 1 of 2 in a TIC property. The other tenants mortgage is in foreclosure. My name is not on the loan. What happens to my my 1/2 after auction?

I do not have a loan on the property. The other owner is deceased and has no Executor of his Estate nor has it gone through probate. I want to sell my 1/2 before it goes up for auction (possibly June '17). How do I do that?
(0) | asked by: Claudia Golden | share | 1 month ago | Report
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Lorene Capretta
answer by Lorene Capretta    |   Contact Me
Liens have priorities, anything to do with taxes or assessments in Florida (and most anywhere else in the country) will trump any mortgage or mechanics lien. If your home is going up for auction, you may very well lose all of your interest in said property. Typically you will have been given notice and then have a limited time to redeem the property before it is auctioned. Keep in mind, you may need to show your have an invested interest in the property. I am not an attorney but I am a real estate professional, but if this has to do with an estate tax, seek legal help to stop the auction and get funds to redeem the property. Whoever buys the property at auction usually becomes the new owner.
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answer by Rich Reed    |   Visit My Website   |   Contact Me
Hi, Claudia, you could sell your interest in the property, but it may be difficult to get a fair price. Advice from an attorney would be a good idea!
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answer by Ed McKeown    |   Visit My Website   |   Contact Me
It would have to go through probate I believe. I'm not sure you can sell your half yet. Yu better speak to an attorney or a great title agent.
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answer by Natalie Sjaardema    |   Visit My Website   |   Contact Me
Tough One Claudia! You are attempting to sell a property which may be tied up for an unspecified period of time. Perhaps you can take a loan against it if you want to cash out on it. Call me at my office and I will do my best to help you.
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