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Court is requiring me to sell timeshare

Discussion in 'Buying, Selling, Renting' started by Broke, Nov 14, 2017 at 12:35 PM.

  1. MOXJO7282

    MOXJO7282 Tug Review Crew: Rookie TUG Member

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    I don't know how the court can force you to sell something you aren't able to sell. Ask the judge if he wants to buy it.
     
    VegasBella likes this.
  2. VacationForever

    VacationForever TUG Member

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    The issue comes down to division of assets and liabilities, and in the case where alimony is concerned, how much the higher earner needs to pay the ex to maintain the lifestyle. I am not saying this is OP's case. If I am the one asking for alimony, then I can see one of the items as an additional $500 a month to pay for the loan and MF (hypothetical) that is listed in the alimony request. If the ex-spouse said no way no how, I can see why the court would demand that they get rid of the timeshare.
     
  3. breezez

    breezez TUG Member

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    Just deed it to the Judge :banana: Won’t help with your loan... But to give it away you will need that paid off.
     
  4. Broke

    Broke Guest

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    Haha I wish. Yeah the ex is finding out this morning that it isn't worth the $12,000 she thinks it is. I realize we are going to have the eat the remaining $13,000 on the loan and are prepared to do that.
     
  5. davidvel

    davidvel TUG Member

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    It is not an asset. <--- "period" It is upside down (ie worth -13,000), with an ongoing obligation attached to it.

    Do you have a lawyer? Does the judge think its worth 12000? Is this value in a final settlement/judgment? You keep sidestepping this issue, but it is your real problem.

    You can always petition the court to change its order.
     
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  6. Broke

    Broke Guest

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    I'm not sidestepping. It doesn't matter what the judge thinks either because the court order says "The timeshare must be sold. Any proceeds will be split between parties".
     
  7. bnoble

    bnoble TUG Member

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    It doesn't matter what the judge thinks? Who do you think issued the order?
     
  8. davidvel

    davidvel TUG Member

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    Well the judge signed the order, as you stated on the false belief that it was an asset:
    Did the Judge mean MF, when s/he said costs, or all costs to sell it? (I assume MF.)
    So it seems it does matter what the Judge thinks, and what s/he thought when s/he entered the order. I'm just trying to help you. I assume your ex-wife is part of this order as well. The Judge (and maybe you and your ex) wasn't contemplating that you need to each put in $6,000+ to get rid of it, so this is a material change. This does not seem to be a timeshare issue, but a domestic law one. There may be a way to at least salvage some value from it if you have to pay off the loan.
    I think you should do exactly what you don't want to:
    Or at least that it will cost over $12,000 to get rid of.
     
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  9. theo

    theo TUG Review Crew: Veteran TUG Member

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    It does indeed very much "matter what the judge thinks", since it is a judge who signed the associated court order, even if ill informed while doing so.

    I don't know what sort of legal representation you have (if any) in this matter, but it seems to me that someone needs to somehow make the court keenly aware of the fact that this timeshare is a liability, not an "asset", apparently with a $13,000 outstanding debt still firmly attached. It may be that the "ex" needs to share equal responsibility for paying off that unpaid loan balance --- I dunno what the court order directs. A "sale" ain't gonna happen, court order notwithstanding. It seems that you (or your legal representative) may need to ensure that the court understands and acknowledges the financial and factual realities here, even if only belatedly, and perhaps seek some revision to the (unattainable) terms of the divorce decree.
     
    Last edited: Nov 17, 2017 at 12:51 PM
  10. Broke

    Broke Guest

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    Well the decree says "The Sheraton Flex Vacations are to be sold immediately for a sum sufficient to pay off the indebtedness of same, and if there is any profit on the sale, then the profit is to be split equally between the above two parties".

    This tells me that there is some belief that this can be sold in order to pay off the loan. Obviously that isn't going to happen. I'll have to get the attorney to inform the court that this is a worthless asset at this point and the only option is to dispose of it in the best equitable way.

    Currently the cost is being shared 50% each which is fair in this scenario. But she probably flipped out today when told she needs to pony up $6500+ just to be able to complete the court order.
     
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  11. theo

    theo TUG Review Crew: Veteran TUG Member

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    The simple truth of the matter, even if not understood or acknowledged by the court, is that this timeshare cannot possibly be sold (...if at all) for anywhere remotely near the dollar amount of the associated debt, any unfounded, incorrect "belief" to the contrary notwithstanding --- never mind sold at any "profit".

    Attorney may want to petition the court for revision of that plainly unachievable court order; I can hear the KaChinging of the cash register ringing.

    I wish you luck and patience. Divorce and anything and everything associated therewith is stressful enough without also being ordered by a under-informed "robe" to somehow just magically accomplish the impossible.
     
    Last edited: Nov 17, 2017 at 12:52 PM
  12. bogey21

    bogey21 TUG Member

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    I'm not a lawyer but this situation is one of reasons I handled my own divorce. It enabled me to educate my ex-wife's lawyer as to the value of assets, liabilities, etc and have everything wrapped up before it got to the judge. All he had to do was ratify what we had agreed to. The most complicated thing in our divorce was the QDRO (Qualified Domistic Relations Order) because of my pension. After negotiating the terms with her lawyer, I wrote the Order myself. I guarantee you that the judge didn't understand half of it.

    George
     
  13. alexadeparis

    alexadeparis TUG Review Crew: Rookie TUG Member

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    Glad you think you're cleverer than an attorney. I'm sure the judge was VERY glad you two agreed, and got the case OFF his/her docket.

    Anyway, to the OP, why don't you ask your attorney to do a motion to reconsider and provide info showing the judge there's no equity and ask if ex can quit claim it to you. Then you keep paying the loan, and keep it / use it yourself. Your wife is out of it, your property is completely split and you don't have to deal with the judge or the ex any more.
     
  14. vacationtime1

    vacationtime1 TUG Member

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    The judge is no different than the people who come onto this blog in disbelief of the fact that their timeshares are worthless. The judge assumed that an asset subject to a $13,000 debt is worth at least $13,000 -- and apart from Planet Timeshare, it usually is. Because neither you nor your wife wants the asset subject to the loan, the judge ordered the asset sold and the proceeds equally divided. Very common. The problem in this instance is that it doesn't work as the judge intended because it doesn't get the loan repaid.

    Do not spend money on legal fees to "educate" the judge. Educating the judge will cost you a couple thousand dollars minimum (more if the judge wants to see an appraisal), but to what result? The FlexOptions will still be worthless, the debt must still be paid, and you will be out those legal fees. Paying legal fees here is futile; your lawyer cannot make the asset valuable. It is throwing good money after bad.

    Besides, you already won; your wife has to pay half of the loan. You can now each pay half of the loan and then give away the FlexOptions for a dollar (of which you each get $0.50). If you then still want FlexOptions, you can find them for free if you look around. Or, you can find better timeshares, also for free.
     
    Last edited: Nov 17, 2017 at 2:29 AM
  15. bogey21

    bogey21 TUG Member

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    For the record I don't think I'm cleverer than an attorney. Many are very smart and most are expensive. The point I was trying, maybe inarticulately, to make is that one is usually more knowledgeable about their personal situation and thus it is often better to handle it yourself rather than try to educate others so they can handle it for you.

    George
     
  16. Tia

    Tia TUG Member

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    I know someone who was suppose to refinance 2 houses in a divorce, get the X's name off the loans. 3 years later this hasn't been done as once in a while refinancing topic comes up, both are underwater. Guess the X hasn't checked into anything so far.
     
  17. SkyBlueWaters

    SkyBlueWaters Guest

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    Interesting. IRS agents don’t even consider TS as part of your assets, more like a liability. Its valuation is probably a negative. Is that why the judge wants it unloaded?
     
  18. SkyBlueWaters

    SkyBlueWaters Guest

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    I would ask my atty. to file a motion for reconsideration to modify the court’s order.
     
  19. davidvel

    davidvel TUG Member

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    Good to know you are handing out legal advice after reviewing the court order, and know that the wife must contribute to pay off the loan. :rolleyes:
     
  20. Broke

    Broke Guest

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    That part is true. She is ordered to pay half of the loan until it's disposed of.
     
  21. rapmarks

    rapmarks TUG Review Crew: Expert TUG Member

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    Every time you bring something with an attorney, it costs a lot of money. My daughter will sign divorce papers next week, three years and forty thousand dollars since she filed. All she got out of it was release from the numerous debt he kept running up in her name and supposed child support, which she doesn't get because he doesn't work. She will sig off on the youngest third birthday and she filed while pregnant
     
  22. VacationForever

    VacationForever TUG Member

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    Poor girl.
     
  23. VegasBella

    VegasBella TUG Member

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    Yes, basically the issue is what will cost more money:

    Pay off the timeshare, sell or give it away.
    OR
    Pay lawyers fees to go back to court and get new order.


    Sent from my iPhone using Tapatalk
     
  24. VacationForever

    VacationForever TUG Member

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    It is sad and frustrating when 2 people cannot use mediation to dissolve a marriage. It is normally cheaper than going to court.
     
  25. davidvel

    davidvel TUG Member

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    The monthly payments or the whole balance? I thought that was your problem.
     

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