My question involves real estate located in the State of CA:
Hi,
I own several large parcels of land as tenants in common with one other person. 4 years ago, I signed a contract to sell 4 parcels of my land. Out of the clear blue, a lawsuit was filed by a party that claimed he held a Deed of Trust for $100,000. that was filed and recorded in 1984. In his complaint, he states under penalty of perjury, that my co-owner came into ownership of the properties by defrauding the bankruptcy courts. He claims that her father, who was the owner and trustor of his deed of trust declared bankruptcy, intentionally failed to inform the bankruptcy court of these properties, and transferred title of several properties to my co-owner. The bankruptcy took place about 20 years ago.
After 2 years, my co-owner reached a settlement with the lien holder and the sales transaction concluded. Title insurance was issued.
Does anybody know what happens in a situation like this? I’m scared that I could build a huge development on the property only to have it confiscated or co-owner’s portion seized by the feds? Could this happen?
Even though the lawsuit was settled with no final judgment, at this time I’m quite sure that the bankruptcy fraud is true. I’m trying to research this prior to speaking to a lawyer. Thanks :-)
Hi,
I own several large parcels of land as tenants in common with one other person. 4 years ago, I signed a contract to sell 4 parcels of my land. Out of the clear blue, a lawsuit was filed by a party that claimed he held a Deed of Trust for $100,000. that was filed and recorded in 1984. In his complaint, he states under penalty of perjury, that my co-owner came into ownership of the properties by defrauding the bankruptcy courts. He claims that her father, who was the owner and trustor of his deed of trust declared bankruptcy, intentionally failed to inform the bankruptcy court of these properties, and transferred title of several properties to my co-owner. The bankruptcy took place about 20 years ago.
After 2 years, my co-owner reached a settlement with the lien holder and the sales transaction concluded. Title insurance was issued.
Does anybody know what happens in a situation like this? I’m scared that I could build a huge development on the property only to have it confiscated or co-owner’s portion seized by the feds? Could this happen?
Even though the lawsuit was settled with no final judgment, at this time I’m quite sure that the bankruptcy fraud is true. I’m trying to research this prior to speaking to a lawyer. Thanks :-)
Co-Ownership: My Tenant in Common May Have Committed Bankruptcy Fraud
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