Legal Question in Bankruptcy in California

help , i really need it

i think that i got involved in a scam involving my property which is in foreclosure. i gave someone a 1 percent interest in my property as a gift to stop the sale of my property at auction. the person

that i deeded the 1 percent too is currently in bankruptcy now and it has stopped the sale for 30 days, but how do i get that 1 percent back. ( i dont even know the person that has the 1 percent gift.... help me am i in big trouble as far as my title is concerned or do i have another alternative since it was a gift deed


Asked on 1/31/08, 11:36 pm

1 Answer from Attorneys
Robert Mccoy Law Office Of Robert McCoy

Re: help , i really need it

Yes, it does seem like a scam, but I cannot think of any law that has been violated. I have seen this similar scenario several times before; usually with a corporation acting as the party filing bankruptcy; and every time it has worked. But it definitely makes me feel uncomfortable. Technically, the transferee did meet his end of the bargain; he did stop the foreclosure sale at the auction, at least for 30 days. As his interest is 1%, you have a legal right to sell the property and pay 1% of the sale price to him. In the alternative, you may buy him out of 1% of the market value. If he is not in bankruptcy at the time of escrow closing, you will have to obtain his signature; if he is in bankruptcy, then you will have to get the bankruptcy trustee's signature. If he refuses to sign, you will have to file a lawsuit for a court order requirng the property to be sold.

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Answered on 2/01/08, 12:46 am


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