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Ask Dave

Partnership Plunge

Surprise surprise ... Marie's partnership in a real estate deal went bad. How bad?

QUESTION: Marie got into a real estate deal in 2007 with a partnership. Their partners are now not paying, and they have a foreclosure notice. The partners just say they have no more money left, but they owe another 15 rental properties. Should Marie get it current to keep it out of foreclosure?

ANSWER: Tell them you are going to sue them so many different ways, it will freeze the rest of their business, unless they quit-clam deed the property to you. With that control, you can sell this property. This way, you control the damage. If you don’t do the quit-claim deed form, you’ll bring it current and then these bozos will show up wanting money.