If a property is owned jointly by multiple parties, does a lien holder only get a portion of their lien paid??
I am trying to flip a property. There is not much equity. it is owned equally by 7 people. One of the people had HUGE unpaid fines to NJDMV, so DMV put a lien on property. The lien is bigger than the equity. When house is sold, is DMV entitled to full amount, or only 1/7 of the total lien?? (In other words will the other 6 people get what little they have coming, or will it all go to the lien).
EE
Replies
I would talk to someone at a title Co. on this issue, they may be able to remove it.