"Undivided interest" on foreclosed land
Hello folks! I have found a piece of property that has a Trustee's Deed in the chancery clerks office that has an "undivided interest" by 3 different parties. I chased court records concerning the property for a while and the best I could figure is the land has a home on it that the person took ownership of it by heir but several people within the family had portions of the property. Either 1 or 2 of those people took a loan against the property and defaulted, the first by taxes and the second by default to the bank.
So, I called the bank in reference of the 31% and they want to collect, and have been for several years. There is another 31% undivided interest by the state and the following 38% by the person living in the house on the property. So here lies the question... How do I go about purchasing and claiming a clear deed on the bank portion or the states portion? I do not want to cause grief on the person that lives there by stopping in and questioning but thought about sending a letter to see if they would allow the 31% or 62% to be sold and allow a survey and appraisal to be done.
How would I go about purchasing the 31% owned by the bank and getting a clear title? I was told at the county tax assessor to "run fast and far from this" due to the history! But I know the bank wants at least a portion of their investment back and they should be able to collect as well as a buyer own the portion in default.
Any thoughts, advice or personal experience with this type of property before?