Jenny and her brother Brian own a piece of property in Austin as tenants in common...

 

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Jenny and her brother Brian own a piece of property in Austin as tenants in common valued at $50,000. Jenny owns 65% and Brian owns 35%. Brian went on vacation to Tampa and met someone that he started dating. The next month he purchased a house in Tampa and moved there so he could continue dating his soulmate. Brian did not get an appraisal and learned later that he significantly overpaid for the property. In addition, the home was much too expensive for Brian and shortly after the purchase he defaulted on the loan. Even after the bank seized the home, there was a $50,000 debt remaining. Assuming the bank received a default judgment against Brian and could seize the Austin property, what portion of the property could be seized to satisfy Brian's debt? Jenny and her brother Brian own a piece of property in Austin as tenants in common valued at $50,000. Jenny owns 65% and Brian owns 35%. Brian went on vacation to Tampa and met someone that he started dating. The next month he purchased a house in Tampa and moved there so he could continue dating his soulmate. Brian did not get an appraisal and learned later that he significantly overpaid for the property. In addition, the home was much too expensive for Brian and shortly after the purchase he defaulted on the loan. Even after the bank seized the home, there was a $50,000 debt remaining. Assuming the bank received a default judgment against Brian and could seize the Austin property, what portion of the property could be seized to satisfy Brian's debt?

Answer rating: 100% (QA)

As tenants in common Jenny and Brian each own a percentage of the property and their own... View the full answer