Bad deed prevents returning Sheraton week to Marriott

[CO skier]

So, what should I do?

After 50 posts, this is an excellent, straightforward summary of your "best" options. Best of luck dealing with a messy issue. Please, let us know how it turns out.

Pretty much. The OP has three options it seems;

1. Keep the week and use it or rent it to cover ongoing costs.
2. Go through quiet title to fix the clouded title.
3. Stop all payments, go into default and let Vistana deal with the clouded title during foreclosure.

 

[JudyS]

Thanks for all of the suggestions!

It is a non-mandatory Vistana and would have a worth of $1 even with clear title.

I think for now I'll use the week and try to cover MFs by renting is.
Quiet title sounds like a possible approach if Vistana will accept it.

Question: This deed is held jointly with me and my husband. (JTWROS.) Would it be possible to put the deed in just one of our names? That way, only one of us would take a hit to our credit score, if we foreclosed.

 

[rapmarks]

Judy, you sure have more than your share of troubles. Hope this works out

 

[Great3]

Thanks for all of the suggestions!

It is a non-mandatory Vistana and would have a worth of $1 even with clear title.

I think for now I'll use the week and try to cover MFs by renting is.
Quiet title sounds like a possible approach if Vistana will accept it.

Question: This deed is held jointly with me and my husband. (JTWROS.) Would it be possible to put the deed in just one of our names? That way, only one of us would take a hit to our credit score, if we foreclosed.

Although you can't convey clear / good title to another person, since you received it with cloudy title... I seriously doubt the person and spouse (both deceased now it seems), or their heirs/estate will ever come for and make a claim for title/usage of this timeshare week against you). For all practical purposes, the title is clear as an owner for you as far as usage goes. The title is only cloudy as someone can lay a claim to the title (but that challenge is very slim to none). As long as there's another taker, you can offer the week out for free, and have LT Transfer do the deed transfer with the new buyer/owner understanding the possible risks of the cloudy title that someone may come back (but very unlikely to do so), to claim title, than that person can continue to use the Timeshare week for the MF dues. You only found out about the cloudy title because a title search was done, with due diligences, but if someone can transfer cloudy title to you, you can transfer the same cloudy title onwards to someone else so long as you disclose it upfront, and it's up to the buyer to assume the new risk knowing how the title became cloudy in the first place, just like you already done, assume the risk yourself taking on the current week as owner.

Vistana/Marriott just wants their bases covered, that they won't have to fight a challenge for title from another party, however slim it is. Another buyer like you that just want the actual usage may not care, and may not mind assuming title even if there is a defect in the title. Having said that, I, myself, personally want clean title and don't want to deal with cloudy title myself, but each person is different. I actually do some title searches on my own tracing it back to where the developer sold to the first buyer for each of the timeshares I own.

Good Luck with getting clean title resolved as cheaply as possible. And yes, you can deed the title to just one spouse, and have ownership updated to just one spouse, should you go the default/foreclosure route.

Great3

 

[davidvel]

If Marriott (or its title folks) say you don't have good title, how did they accept you as an owner? Seems they are playing both sides of this.

 

[tschwa2]

If Marriott (or its title folks) say you don't have good title, how did they accept you as an owner? Seems they are playing both sides of this.

They accept her as an owner with a cloudy title, but they won't accept the title back (in a give back program) because they can't or won't sell or convey a cloudy/muddy title into one of their trust.

 

[davidvel]

They accept her as an owner with a cloudy title, but they won't accept the title back (in a give back program) because they can't or won't sell or convey a cloudy/muddy title into one of their trust.

I understand but seems a but duplicitous that they accept the deed as an owner when collecting MF, when they think they are not true owners of the property.

 

[Bunk]

Who executed the deed to the OP?
Since this is Florida property, I believe that would be in the public records
In addition, the OP should ask Fidelity National Title for copies of all the underlying documents they refer to so an attorney can review.

 

[Grammarhero]

Hi, all! This is a complex questions, but maybe Tuggers can give me some advice.

I have been "downsizing" my collection of Sheraton Orlando weeks by giving than back to Marriott. However, there is one week Marriott (technically, Fidelity National Timeshare, the closing company they use) will not take it back, because it has a flaw in the title.

Before I owned this week, it was owned by Mr. and Mrs. Arthur and Carolyn R. (Last name redacted to protect privacy.) Arthur passed away and then Carolyn did, too, with Carolyn's estate probated where she lived (which was not Florida.) Eventually, I acquired the timeshare somewhere -- probably on eBay from Sumday.

When I tried to deedback the timeshare, Fidelity National Timeshare, I received a letter that said:

"In our search of the title and review of the file notes we have found that there is a matter to address in regards to prior owners of record.We will require probate to be filed for Carolyn R. in Orange County, Florida along with an original death certificate for Arthur R. to be recorded."

So, what should I do? Will I have to pay to probate the estate in Florida, and how much does *that* cost? Do I actually own this week, and if not, do I have to pay maintenance fees on it?

Also, do all counties/states require probate in the county where a timeshare is located? If they do, people who own a lot of timeshares might leave their heirs with a *lot* of probate cases to file.

Thanks in advance for any suggestions!

JudyS

If you make the hard decision to default, please kindly let us know whether your credit got affected. It would help tuggers in similar situations moving forward. Out of 48 MF defaults, 8 got reported to the credit agencies. Out of 2 reported Sheraton defaults, both got reported to the credit agencies.

https://tugbbs.com/forums/threads/s...-notice-of-default-and-intent-to-sell.295884/ https://tugbbs.com/forums/threads/anyone-has-stopped-paying-maintenance-fees-what-happened.296893/page-3#post-2352784

 

[Grammarhero]

Wow -- lots of suggestions and advice here. Thank you to all respondents!

Re -- title search -- My impression is that a title search is needed before title insurance can be issued. The only timeshare for which I got a title search was my DVC, and the search was something like $500-$700 dollars (title insurance not included.) I only spent $1 to buy the timeshare with the clouded deed -- given how rare the "clouded deed" problem seems to be, I wouldn't want to shell out $500 every time I bought a $1 timeshare.

Yes, I think I will do this for now. The question is whether I'm willing to take the hit to my credit score even after I get a new house. A foreclosure is a big hit.

Talking to LTT sounds like a good idea, too.

My husband suggested I try to sell the timeshare on eBay -- presumably with the upcoming MF paid. I would feel obligated to mention the clouded title. any thoughts on that?

@JudyS We hope you are well and healthy. If you make the difficult decision to default, please kindly let us know if your credit got affected. It would help tuggers in similar situations moving forward.