I was speaking with my buddy who co-owns the land I’m hunting on with about meeting up this coming weekend to hang so stands. He inherited 20 or 60 acres from his Grandpa a few years back. It is split up 3 ½ away. His mom has 20, his aunt has 20 and then his cousin and him are co-owners of the remaining 20 acres. Well his cousin has been an issue for day one. The cousin isn’t the most respectable manly women around. She is sort of beastly like from what I understand. Anyway’s, she hangs around some very questionable people some of which I’d not necessary choose to share hunting grounds with because I wouldn’t trust them. Rewind a couple of years. After the papers where sign into her and my friends name. She instantly took out a lean on the property for a failed get rich idea (shaved ice truck). My friend really couldn’t do much to prevent it, so he had to sign too. Fast forward to today. Her loan has been negligent of payment for some time now and the bank finally notified my buddy about the possibly outcome. He was going to meet up with his cousin and discuss the options. I’m a little worried because he just started a new job as a line man and had to take a considerable pay cut for the next 3 years. He doesn’t have the money to pay off her stupid lean. So there is a chance that he will have to sell the property, or the bank will take it over. I’ve asked him to get the details for me and let me know how much the lean is and what it would take to pay it off to keep said property. I’ve stated that perhaps I could buy the 10 off of her for the lean amount or just make the payment on it for some time. (With a contract). I’m a little worried at this point because if he has to sell it will go up prior to October 1st and I know one of the neighbors that wants to buy. (He’s a border line hunter and several people hunt on his property with him. Man I might be screwed by this.
Why didnt he split the land title into two titles one for him and one for her. Then he could of probably chosen his half cuz she isnt to bright and box her in so even if she sold or foreclosed on her piece no one would have access to it without his permission. Even if bank became owner they would then most likely sell it to him for pennys on the dollar cuz it is useless if you cant access it! Sent from my DROID X2 using Tapatalk 2
I dont understand why he would have to sign anything? I know I wouldnt have signed **** because of an investment some one else was making on my land.
Well, I can tell you that he was not forced to co-sign the loan. If he didn't sign the loan, the bank would only have a recourse against her, meaning that they could only foreclose on her share of the property. So if she owned half, the most the loan-issuing bank could ever own is half. Keep in mind, half doesn't mean half of the land, it means they own half of an interest in the whole piece. The bank would probably want to sell their share to him, because that is the simplest way to resolve the issue. It is very hard to sell or transfer a fractional interest in a piece of land. If he co-signed the loan, they can foreclose against the entire property. Either way, I'm sure that one of the last things on this guys mind is the impact on your hunting season.
It was in the will that they couldn't sell the property unless both were agreed. it stupid that they didn't just split it 10 per person. He said that he got cornered by his Aunt and Cousin about the loan and felt that it was family, but he also knew how it would turn out. he was hoping for this while he had his other job, because he was going to buy her out, but now he's SOL. I'm hoping that there is a solution for keeping it, but she doesn't have a job (she's been fired from the last 2). I just hope that I'll still be able to hunt the rest of the property. Last year I went down in late October for a day of hunting. As I approached the neighbor’s field to walk across there were truck tracks all over it. Later on I was speaking with that neighbor and he told me that he was sitting in his stand on this field the other day when he heard this truck coming down the road. Then the truck turned in and drove through his field that was muddy and just rutted the place up. He got down and started yelling at the truck then caught up to them. It was the cousin with some dirty looking guy. the truck was a P.O.S. She said she was trying to get back to the property to show her friend so that he could hunt it. Needless to say I haven't seen him down and thank God. If this person didn't have the intelligence to not drive a truck through someone else's field can you just imagine what they would do to the property they are hunting. Gees!
Ya but by them splitting it ahead of time and each getting a title to the part each owns that wouldnt of been going against the will. Plus if he did that and blocked her property in it would have now solved the issue with her apparent ahole friends! Eitherway it sucks he put himself in that position. Can he get other family to payoff the lean for her in exchange for her signing over her part of the property to them? Sent from my DROID X2 using Tapatalk 2
I hope so, but then again I'm also hopeful that I can just pay her lean off and own the 20 acers. Not sure what it will be.
Oh my. Everything is back to normal. She has agreed to start paying on the loan again. Not sure what happened or what was said, but I'm glad she will be able to fix things. Fingers crossed. I really need to find out where the other properties I have permission are.
Glad to hear that she is going to try to pay. Just hope that she is actually able to do it but I would still have your buddy try to buy her out!
Goodluck, hope she pays! I would buy that out either you or him asap. Sent from my PC36100 using Tapatalk 2
Sorry to hijack the thread but I have a question on a similar situation. My grandfather signed over his 80 acres to my mother & father and my aunt and uncle. Currently my grandfather lives on the property in the cabin and pays the taxes. Once he passes my aunt and uncle who dont have any use for the property I think are going to want to sell their half since land is 3,000 to 4,000 an acre in the area. The land isn't broken up so with my parents owning 50% will they have to agree for them to sell their half? My dad wants to break the property in half but i keep telling him its a bad idea since he'd lose any control. Its in Wisconsin, any thoughts?
Paul - I think if it's like my situation one it's set up like a bussiness thats controled by a board. The board votes on all decission and nothing can be done without board appoval. I've heard of simaler situations where a coe-owner had the woods logged out underneith the other owners nose. It might be best to have your parents split it up, but the bottom line is do your parents trust your aunt and uncle? Hope so, but you never know about people. I hope it all works out for you. depending on you aunt and uncles situation they may choose to sit on the ground to pass along to there kids, or grandkids. Of sell it later on for retirement money.
