Cosignor Removal

[Runner77]

Hello Everyone....

Could someone please explain to me how I can remove a hostile cosignor from a timeshare. This individual has not paid anything towards the timeshare such as maintenance fees etc etc. for the past 10 years. I have almost paid it off. I assume I can sue them for breach of contract. Perhaps I need to retain a lawyer.

Please advise.

Thanks!!

 

[HookdonWDW]

Do you have a contract for them to have breached? Did they actually sign anything stating that they would pay "X" amount or percentage each month? Without something concrete to show that they agreed to pay a certain amount, you may have an uphill battle... especially since you have seemingly gone along with them not paying anything for 10 years...

 

[BevL]

This is not really a timeshare question, it's a legal question. The advice you get here at best might be somewhat helpful, at worst downright wrong. Your thought that retaining or at least speaking to a lawyer would be what I would suggest.

However, if you want to find out how to use your timeshare well, especially if you exchange it or are in the market for more timeshare ownership, and just hang out with nice people, we're your bunch!!

Welcome to TUG

 

[Conan]

Are you saying both names are on the deed, and both of you also signed to be jointly liable for the debt? (Or maybe you signed for the loan and the other person only signed as guarantor.)

Either way, the two of you probably own the property as tenants-in-common.

If there's no agreement between the two of you saying that you'd make equal payments towards the debt, it doesn't sound like you have any cause of action against the co-owner.

There's a kind of lawsuit called 'severance' where you ask a court to sever the co-ownership, but normally you each end up with half the property. In a timeshare I suppose that would have each of you getting every-other-year ownership, but even if that's possible it's not what you're looking for. You could try to ask the court to give it all to you, but it doesn't sound likely if there was no contribution agreement on the debt.

Apart from offering to buy the other person out at a price they might be willing to take, it doesn't sound lilke there's anything you can do to get them off the deed.

 

[Stefa]

Apart from offering to buy the other person out at a price they might be willing to take, it doesn't sound lilke there's anything you can do to get them off the deed.

Since many (most) timeshares have very little value, this makes the most sense.

If you tell us what you own we can give you an idea of what it might be worth. You can also check completed ebay listings. It will not be worth anything close to what you paid.

 

[Stefa]

Depending on the timeshare's value and how difficult the other person wants to be, you may be better off just letting them have it. I'm not saying that's what you should do, but you should keep it open as an option. There comes a point when you are just throwing good money after bad. You may be able to file a quit claim deed giving up any rights or responsibilities you have for the timeshare if the other person won't cooperate with another resolution.

It would be very helpful if you had a good understanding of the timeshare's value before meeting with an attorney.

 

[Cheryl20772]

Depending on the timeshare's value and how difficult the other person wants to be, you may be better off just letting them have it. I'm not saying that's what you should do, but you should keep it open as an option. There comes a point when you are just throwing good money after bad. You may be able to file a quit claim deed giving up any rights or responsibilities you have for the timeshare if the other person won't cooperate with another resolution.

It would be very helpful if you had a good understanding of the timeshare's value before meeting with an attorney.

I totally agree with this idea. Of course, it does depend on the resale value of the property... if it's one that people are paying others to take off their hands, I'd sign it over to the cosigner asap -- don't tell them about resale values (only how much you have paid already and they get it all!). Then maybe take on something nicer from the buyers' market and only in your name.

Unfortunately, if the cosigner didn't pay anything so far, they probably won't want to take on the MF either. You might be stuck with it and not even be able to give it away if cosigner won't give up their part.

 

[Talent312]

I would send a Quitclaim Deed and ask them to sign+return, in exchange for which you would:

-- Release them from all past and future claims of the cost to purchase and MF's; and
-- Forbear on filing a lawsuit for partition/severance and damages.

If such a request came on an attorney's fancy-looking letterhead, it might actually cow the other party into believing that it would be in their best interest to do so.

Otherwise a lawsuit may be only way to undo this one-sided partnership.

 

[bogey21]

Hello Everyone....

Could someone please explain to me how I can remove a hostile cosignor from a timeshare.

I think it really depends on what you mean by "hostile". If this relationship has a really bad history and you want out bad, you might try quit claiming your interest to him/her; record the Deed; and notify the Resort of the change of ownership right after you have paid the next MF. That way your previous co-owner would start getting mail as the owner. Who knows what he would do with it. He might even use the Week not realizing the future raminfications.

Just a thought. I don't know if I would do it or not.

George

 

[maleko]

Seems to me you would be better off by offering to give him the timeshare gratis and go to TUG and buy an equivalent or possibly better week on your own and way less heartache.

 

[joycapecod]

My son is going through something similar with three Orlando timeshares. His estranged wife is on all the deeds. The units are paid for and he has offered to give them to her, pay the deeding and all associated fees to get his name off and she doesn't want that. He has offered to arrange to give them away and get both of them off the deeds, she doesn't want that either.

Neither one of them can afford the maintenance fees (I paid last year when they went to collection to keep his credit from being dinged). She seems to think these have "value" and they bought from the developer. I would love to find a way to quit claim his part to her and get him out from under. The units are paid for, fees are current until January 2, but I have no clue how to go about this.

Heck, I'll gladly pay the title work to get his name off them!

Any ideas???

Joy

 

[Talent312]

(1) In a divorce, the judge could be asked to divide the TS's between them, awarding the respective shares of one party to the other. Judges prefer that the parties resolve this thru a property settlement. But if the parties cannot reach an agreement, a judge can divide the property between them.

(2) If not resolved in the divorce, they become "tenants in common," with each holding a 1/2 undivided share. He could then deed his share to anyone who would have it. How about you? I'm sure she would like to share the TS's with you, right?

(3) Alternatively, he could sue her for partition of the properties. The court would order them sold at auction at the courthouse door with the proceeds split between them... So they each would get $0.50?

He should ask his attorney about adding a count for partition to his divorce petition.