# Inherited a Timeshare, but need directions



## Opt2020 (Aug 22, 2013)

Fellow TUG'er 
Hello!!
I am brand new to "TUG" and the whole timeshare world.
Got a couple of inexperience type questions that i really need some guidance with.

*Backstory:* 
My elderly Stepfather was swayed into purchasing timeshare from a corrupt sales man is all i can i think about him as, for an outrageous price($16k) in '05. From a developer stock 2/2. He has been paying on it ever since then, but crazy enough never ever used it or rented. He paid some people money to market it, but never got any thing in return. 

Over the last 8 yrs he has been sick. Well he passed away last month and left it, so now my elderly mother has the burden. Today he owes about $4500 left to get full ownership. My mother contacted me to help do something with it. She politely expressed to me, she never cared from the get go about it, for it was a solo venture my stepfather pursued before marrying my mother. Anyways after the marriage he added her to the deed/ contract. Fast forward, today she has no interests with this type of business and don't even want to continue paying on it or be bothered with it. However i explained to her she will not get any anything from it, if she just walk away. So she got that point figured out in her head; hence the reason she ask me to help. Anyways payments are $235 p/m X 19 months remaining plus this years maints. fees ($975). She is yet to pay this fee. But is current on the installments.

*Questions:*

What do you recomend i do here towards helping? again, i have very little knowledge about this market. 
If i do decide to take it over and pay off the balance, which seems like the most logical step to pursue, what is the legal process i must have my mother do if she want to transfer it to me?
The location is in Orlando, and  i noticed the timeshare is rated as a 8.7 on the rating scales used by TUG. Is this good or bad or indifferent ? 
I think it is a fixed week, and would have been deeded to stepfather had he lived to pay it off. 
Listed as wk#1 in Orlando, FL. Good or bad?
Any hope towards posting and renting?

I truly appreciate any replies I can get going forward.
Also, best places to post for rent 
Craigslist, ??
TUG ??
Where else is good?

Thank you all.


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## timeos2 (Aug 22, 2013)

Opt2020 said:


> What do you recomend i do here towards helping? again, i have very little knowledge about this market.
> If i do decide to take it over and pay off the balance, which seems like the most logical step to pursue, what is the legal process i must have my mother do if she want to transfer it to me?



If you take it over than yes, you'd want it in your name. However as you seem to know realize that the actual resale value is probably near zero. Whatever you pay off will be money gone forever. You could likely easily pick up the same week resale for a few hundred dollars.



Opt2020 said:


> The location is in Orlando, and  i noticed the timeshare is rated as a 8.7 on the rating scales used by TUG. Is this good or bad or indifferent ?



8.7 is very good but that is just resort quality. It doesn't necessarily translate to resale value. We love Orlando & like to own there BUT it is overall overbuilt and many resorts don't ave great trade or rental value. You'd really have to study if this is a good resort to own. Usually that would mean you want to use it most years. 



Opt2020 said:


> I think it is a fixed week, and would have been deeded to stepfather had he lived to pay it off.
> Listed as wk#1 in Orlando, FL. Good or bad?



If it is fixed then unfortunately bad. It is one of the lowest value weeks of the year in Orlando although still "red" in most listings. 



Opt2020 said:


> Any hope towards posting and renting?



You must be current on all payments and fees to rent or sell. Be sure you waht to be the owner before you do that. 



Opt2020 said:


> I truly appreciate any replies I can get going forward.
> Also, best places to post for rent
> Craigslist, ??
> TUG ??
> ...



CL, TUG, Redweek even eBay. Plenty of good places to offer rentals. 

Good luck!


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## ace2000 (Aug 22, 2013)

The sad truth is that the week is probably worthless and you will not come close to renting it for your fees.  If you don't plan on using it, then I'd stay away from it myself.


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## Passepartout (Aug 22, 2013)

What the others have said. It's likely worthless, and chasing the payoff is a fool's errand. You yourself have no obligation to accept any bequest from your FIL. His wife, your mother, if they really DID go to the effort and expense to actually put her name on the deed probably IS on the hook. However, if they simply put her name on the account at the resort, she should just not pay. They will ban her from use, and might try to turn her over to collections, but it's unlikely that a mark on her credit report will matter much unless she's going to buy a house, has a variable interest rate mortgage, or is about to make some other large purchase. 

It's unlikely that you can sell it or rent this week for enough to even keep pace with the MF, let alone to pay off the purchase.

Walk away. Consider it a bad investment of your FIL, and don't look back.

ETA: If Mom's name REALLY is on a deed, offer it back to the resort in lieu of foreclosure. They should be told she has no intention of using the week or paying for a debt she didn't take on. Period. Possibly they'll have to miss a few months' payments before they understand that she's serious, but eventually they'll catch on. If contacted by a collector, under the Fair Credit Reporting Act, she can require them to produce IN WRITING the form with her name on it proving that she took on the debt. Not likely since her husband made the purchase without her. That cannot continue to harass her if this is the case and the whole deal is done.

Above all, DO NOT PAY ANYONE to sell it or rent it for you. That's yet another fool's errand.

Jim


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## Rent_Share (Aug 22, 2013)

Rather than accept blindly that it is worthless, contact the HOA/Reservation department and determine if it's a fixed week one, or a floating week deeded as week one.

Are you sure your mother is on the deed/note, it may be possible for her to refuse the inheritance, she needs to stop (preferably never start) paying.

No matter what, she needs to walk away

To get around the ad restrictions, you can list your resort holdings in your User Profile - That way you can get resort specific advice to help your mom understand that the 16,000 plus interest paid is gone.

Instructions attached


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## presley (Aug 22, 2013)

Without knowing what resort, but based on what you posted, I don't think it would be worth it to rent it out.  You may not zero out every year by renting and still be in the negative.


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## Opt2020 (Aug 22, 2013)

TUG Folks,
Let me express a sincere thank you for all your replies. I had a sinking feeling in my head that i was in for some bad news, and a reality check before posting my questions/ situation.
Bottom line, everyone replies seems to sing the same chorus. That is " I am walking into a "deadend" on all levels, like it or not if i am foolish to accept this deal as my own. My pain is to break the bad news to my mother of where she stands today.
Well you can not help everyone, every time.
Thanks again all.      
I do appreciate the hard cold facts and my options.


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## tschwa2 (Aug 22, 2013)

Probably, the only Orlando week 1 timeshare that would have any value is Disney Vacation Club and that would be in points and not designated with week 1.  Hilton and Marriott may have enough value that you could find a new owner but it would have to be paid off and would still be worth much less than what is currently owed.  

If your mother mother is on the recorded deed she should write to the resort requesting that they take the deed back in lieu of any additional payment.  She should indicate that she does not have enough money to continue making payments.  Most resorts will refuse but some accept deed backs in cases of hardship.  It never hurts to ask and this should always be done before doing anything else.  The resort may accept the deedback but require a fee.  Paying the resort to take it back may be the best option.  If that doesn't work she needs to decide if she can take the hit on her credit which may be minimal or may be moderate.


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## pedro47 (Aug 22, 2013)

To the OP you do not have to accept this gift.


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## joe017aniolowski (Aug 22, 2013)

*Inherited Timeshare*

Regarding the timeshare you inherited the following website may be of interest to you. It goes into detail on how to go about refusing it.

http://www.timesharetrap.com/how-to-refuse-a-timeshare-inheritance.html


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## csxjohn (Aug 23, 2013)

pedro47 said:


> To the OP you do not have to accept this gift.





joe017aniolowski said:


> Regarding the timeshare you inherited the following website may be of interest to you. It goes into detail on how to go about refusing it.
> 
> http://www.timesharetrap.com/how-to-refuse-a-timeshare-inheritance.html



If the OP's mother's name was added to the deed when she married as was stated in post #1, she is not really inheriting it but she does own it and refusing it is not an option.


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## Passepartout (Aug 23, 2013)

csxjohn said:


> If the OP's mother's name was added to the deed when she married as was stated in post #1, she is not really inheriting it but she does own it and refusing it is not an option.



John, it's not entirely clear if Mom's name was truly added to the deed. OP wrote as 'deed/contract'. Likely stepdad just added Mom's name to the contract as co-owner with the resort. No reason to think that her name is on the deed- 'cause it costs some and is a hassle to do that and requires notaries, the county recorder etc. I think it's a good bet that since he bought it before the marriage, her name is not on the original note. If these assumptions are correct, she can default and there is no way she can be forced to pay for this unwanted liability. The money already paid is gone, but there is no reason to chase it with more for something that's essentially worthless.

Jim


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## Rent_Share (Aug 23, 2013)

Re reading your post, even if she is not on title, continuing to pay the mortgage could be argued an assumption of the debt, making a walk away more difficult


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## csxjohn (Aug 23, 2013)

Passepartout said:


> John, it's not entirely clear if Mom's name was truly added to the deed. OP wrote as 'deed/contract'. Likely stepdad just added Mom's name to the contract as co-owner with the resort. No reason to think that her name is on the deed- 'cause it costs some and is a hassle to do that and requires notaries, the county recorder etc. I think it's a good bet that since he bought it before the marriage, her name is not on the original note. If these assumptions are correct, she can default and there is no way she can be forced to pay for this unwanted liability. The money already paid is gone, but there is no reason to chase it with more for something that's essentially worthless.
> 
> Jim



I did say "if" her name is on the deed.  I also have doubts if it's on there or not.

I agree that she should not pay one cent.  If she's on the deed, default, if not on the deed, refuse the inheritance.

If she's not on the deed, isn't the balance owed on the loan something that will have to be paid out of the estate since it's a current debt?  Or can she just walk away from it all?


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## Passepartout (Aug 23, 2013)

csxjohn said:


> If she's not on the deed, isn't the balance owed on the loan something that will have to be paid out of the estate since it's a current debt?  Or can she just walk away from it all?



There are just to many unanswered questions here to give a definitive response. Is Mom's name on the deed? Is her name on the note? Does the contract state there is some continuing interest? Is the contract secured by the 'asset' (the TS), or is it just unsecured personal debt? How concerned is Mom in her credit rating? How much is the value of the deceased estate? What state is the TS in? Where does Mom reside?

All in all, she should take the contract to her attorney, who should be versed in probate, property, and succession, and pay for REAL advice rather than rely on advice from here or any other public forum.

I can foresee some time when someone we advise to default, gets sued, and when asked by the judge where they got this sage legal advice, responds "Well, I asked these nice, helpful folks on TUG and they all said to walk from the debt." I can hear the laughter from here.

Jim


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