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Roger
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31024
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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im currently in forelouse in california. a sale date has been

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i'm currently in forelouse in california. a sale date has been set. the second is doing this, i have been seeking a loan modification with the first but, it turns out that the second is owned by five people, four have signed off, the fifth doesn't want to and would like me to stay in the property until its sold. do the four hav e the right to continue this trustee sale, i am told by the fifth owner that he has never signed paperwork awolling this and will not. ,
Submitted: 4 years ago.
Category: Real Estate Law
Expert:  Roger replied 4 years ago.

Hi - my name is XXXXX XXXXX I'm a Real Estate litigation attorney here to assist you.

 

Are the 5 owners individuals or are they members of a company?

Customer: replied 4 years ago.
they are individuals, also, the fifth owner who doesn't want to participate has offered to sell me his share(this happened this morning)
Expert:  Roger replied 4 years ago.
Ok. Well, that's where I was going with my answer if this was an individual. You can't stop the person from objecting and demanding that his interest be liquidated or that he be bought out. However, if you can buy him out and diffuse the situation with the lone hold out, you can get the deal done and benefit from the cooperative nature of the other holders of the note.
Customer: replied 4 years ago.
the fifth individual will not sign any agreement that forces a sale, can the sale go forward without his written approval, or can the other four force him to sell to them and can they take pocession of the property without him. i would only be interested in buying him out if that will definately stop all foreclouse proceeding against me.
Expert:  Roger replied 4 years ago.
Ok. Thanks.

The short answer is yes, the other 4 can continue with the foreclosure despite any objection from the fifth party. If the loan is in default, any interested owner can force this.

I would recommend that you try to resolve this with the other four - maybe with the help of the fifth person. If not, the only thing that would stop the foreclosure - temporarily - would be filing bankruptcy.
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