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resale question?

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My grandmother currently has 3 timeshares. She wants to get rid of one of them but its not yet paid for. I believe it has a years worth of payments left. Anyway the question is if I want to take it off her hands and finish the payments do we have to wait until its paid for to have it deeded to me or can it be done now?
 

aliikai2

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99% of the timeshares have a 0 value

Unless this one is a prime season week by a major hotel chain, your choices are to pay it off and give it away or wait the year and then give it away. You can email pr PM me for further info about this, Greg

My grandmother currently has 3 timeshares. She wants to get rid of one of them but its not yet paid for. I believe it has a years worth of payments left. Anyway the question is if I want to take it off her hands and finish the payments do we have to wait until its paid for to have it deeded to me or can it be done now?
 

Passepartout

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I would think that you would have to show it paid off to change the ownership. That said, it probably shows the lien holder as owner anyway. If you wanted to take it over (be aware that as Greg said, it has little or no actual monetary value), you may be able to chance the name on the note with the lender. Depending on your responsibility with your grandmother, just take over the payments and have her book a week's use this year. Send a bill of sale to the lender showing her as seller, you as buyer,(notarized) and when the note is paid off it can be put into your name(s) in the normal course of deeding it out of the lien holder's name. It should be able to be done for little more than the cost the resort charges to do the transfer of ownership.

Jim
 

Cheryl20772

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I would think that you would have to show it paid off to change the ownership. That said, it probably shows the lien holder as owner anyway.

I'm wondering on this one about the name on the title. So many times now, for example Wyndham, will finance through a credit card, and when that happens, the credit card name doesn't get on the title, does it? It would totally depend on how the financing was set up as to whether the title is clear or not.

If Grandma did her own financing or put it on a credit card, she could transfer the title to someone else and how would anyone know whether she was still paying it off or not?
 
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Its the Wyndham Skyline Tower Atlantic City. I want to keep it because it has good point value. She brought it and has been paying it and has never used it. Im going over her place to read over the paper work. I may be back with more questions.
 
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