adding people as owners to a cwp voi deeded mortage

[b webber]

need some advice on the abilaty to add people to our deed. We would like to maintain our half and offer 1/4 interest to two other people. Has anyone done this? If not does anyone know if it can be done, how it could be done and what access would each owner have?

Thanks

 

[Jan M.]

need some advice on the abilaty to add people to our deed. We would like to maintain our half and offer 1/4 interest to two other people. Has anyone done this? If not does anyone know if it can be done, how it could be done and what access would each owner have?

Thanks

Yes it is possible to add other people to your deeds. But you or they could also just buy a cheap resale deed and put their names along with one of both of your names on that deed. Just make sure you give the closing company your account number so the deed gets added to your account. You don't want the time delay and headache of fixing this if Wyndham would set up a new account. Everyone on the account has full access to the account and all the points. So that means you have to have a clear understanding of how many points those other people have use of and that no one will cancel anyone else's reservations. Or everyone has to agree that only one or two of you will be making the reservations for everyone. Each person on the account will have their own user name and password. But you wouldn't have to give them the account number or help them set up their usernames and passwords. They could still call in for help with that or to make reservations because the reps can look up the account number but they might not figure that out if you don't tell them.

I'm not clear on whether or not you still owe money on what you have. I don't know if you can add names to a deed that isn't paid for. But again you could add a resale deed with them on it.

 

[ronparise]

you are selling the contract to yourself and two others

This will involve the creation of a new deed and recording it then sending a copy of the newly recorded deed to Wyndham

Each step in the process will cost some money

I’d contact LT transfers to handle it
Tell Mary I said hello

 

[Jan M.]

you are selling the contract to yourself and two others

This will involve the creation of a new deed and recording it then sending a copy of the newly recorded deed to Wyndham

Each step in the process will cost some money

I’d contact LT transfers to handle it
Tell Mary I said hello

Ron, will Wyndham allow the transfer of a deed that money is still owed on?

 

[Avislo]

If there is money still owed on the property, it might be best to run the process through a attorney in the state the timeshare is located.

 

[b webber]

Thank you all for this informative information. The wife has decided to payoff the mortgage. So I'm not sure what she has in mind. Does anyone really know what goes on in your wifes mind? Not me...LOL Once again thanks.

 

[ronparise]

Ron, will Wyndham allow the transfer of a deed that money is still owed on?

I have no idea. Never tried

What I do know is Worldmark does allow loan assumptions. I have done that

 

[am1]

If one has the means they should payoff the mortgage asap.

 

[Richelle]

Wyndham loans are unassumable. They may let you add names to the deed, but I would not be sure how you would go about it. You would need to record another deed at least. I like Jan’s idea better where you buy a small resale contract that is in all your names, and have it added under your Wyndham member number.

 

[EVGUY2020]

Yes it is possible to add other people to your deeds. But you or they could also just buy a cheap resale deed and put their names along with one of both of your names on that deed. Just make sure you give the closing company your account number so the deed gets added to your account. You don't want the time delay and headache of fixing this if Wyndham would set up a new account. Everyone on the account has full access to the account and all the points. So that means you have to have a clear understanding of how many points those other people have use of and that no one will cancel anyone else's reservations. Or everyone has to agree that only one or two of you will be making the reservations for everyone. Each person on the account will have their own user name and password. But you wouldn't have to give them the account number or help them set up their usernames and passwords. They could still call in for help with that or to make reservations because the reps can look up the account number but they might not figure that out if you don't tell them.

I'm not clear on whether or not you still owe money on what you have. I don't know if you can add names to a deed that isn't paid for. But again you could add a resale deed with them on it.

Please tell me more regarding adding someone on the deed. Is there a fee for that? How do I get precise information on the process?