judgment lien revised

[jvogel]

What is the name of your state? California

I co-own a home with three other individuals, each with a 25% interest. The home is worth $400,000 and is free and clear. If there is a judgment lien recorded against one of us, say, for $200,000, does the creditor have a potential recovery of the entire $200,000 or only $100,000, since each individual has $100,000 equity? In other words, do any the remaining three have exposure due to co-ownership with the one against whom the judgment is recorded?
Thanks

[HomeGuru]

Originally Posted by jvogel

What is the name of your state? California

I co-own a home with three other individuals, each with a 25% interest. The home is worth $400,000 and is free and clear. If there is a judgment lien recorded against one of us, say, for $200,000, does the creditor have a potential recovery of the entire $200,000 or only $100,000, since each individual has $100,000 equity? In other words, do any the remaining three have exposure due to co-ownership with the one against whom the judgment is recorded?
Thanks

**A: that's better. The creditor can file to foreclose on the lien and force a sale of the property; then will get the $100K as it is the maximum amount the creditor can collect.

[jvogel]

Thanks for your reply. Now for the actual situation and the tenancy question: Title to the home is held as follows: My wife and I are one entity, 50% owners as joint tenants. My stepson and his fiance are the other entity, also 50% owners as joint tenants. Each joint tenancy is tenants in common with the other. So it could be viewed that instead of four 25% owners, there are two 50% owners. Does this change your previous answer re the potential recovery by the creditor? Also, does the fact that one joint tenancy is a married couple and the other is not married make any difference?

[HomeGuru]

Originally Posted by jvogel

Thanks for your reply. Now for the actual situation and the tenancy question: Title to the home is held as follows: My wife and I are one entity, 50% owners as joint tenants. My stepson and his fiance are the other entity, also 50% owners as joint tenants. Each joint tenancy is tenants in common with the other. So it could be viewed that instead of four 25% owners, there are two 50% owners. Does this change your previous answer re the potential recovery by the creditor? Also, does the fact that one joint tenancy is a married couple and the other is not married make any difference?

**A: state exactly how the deed is written with respect to tenancy. Do not translate or interpret.

[jvogel]

California

John Doe, a single man and Jane Doe, a single woman, as joint tenants, as to a undivided 50% interest, and Dick Smith and Jane Smith, husband and wife as joint tenants, as to a undivided 50% interest, all as tenants in common.

[HomeGuru]

Originally Posted by jvogel

California

John Doe, a single man and Jane Doe, a single woman, as joint tenants, as to a undivided 50% interest, and Dick Smith and Jane Smith, husband and wife as joint tenants, as to a undivided 50% interest, all as tenants in common.

**A: thanks and my response stands as written.