Tahoe Timesharer
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- Sep 15, 2020
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Hi all,
I'm so grateful to find this forum! I am really struggling with what to do with multiple questions, and if anyone can offer any insight to any one of the questions, please do...
As I mentioned in the title, my parents were member-owners in a deeded timeshare at The Ridge Tahoe, now managed by Holiday Inn Club Vacations in Stateline, Nevada in the hills/mountains above Lake Tahoe, and if any of you have any experience or knowledge of this market, please share. HICV is not allowed to give me advice whatsoever. But basically I have to decide if I want the deed transferred to my name... or should I just let the timeshare go?
From what I read here, it sounds like it would go into foreclosure if I let it go, but can they come after me? My mom did have a little money but it all transferred to me legally since we had a joint account, but a lot of it is gone/used now to pay off debts. And other than the timeshare, we really don't have any other assets I can think of. Oh, wait, we do have land in the CA desert that nobody wants and is still hardly worth the taxes owed each year. And not sure if it matters, but I live in CA, the timeshare is in NV, and my parents died in WA.
And if I want the deed transferred to my name, do I really need an attorney to do it? So far, I found one that is $350/hr. and is asking for a retainer fee of $1500. He hasn't said for sure, but thought maybe we will not have to go into probate if the value is under $25K, and as I see what people are selling theirs for, of course it should be considered valued under that... that is if the "value" he's talking about is in regards to the current market and what people pay to an owner that is selling. Or is the value considered what a brand new timeshare would be sold for at the same location? I can't ask him further since I'll need to pay him first, but wanted to educate myself as much as possible so I even know what it is that I want to do.
And if I decide to let it go, do I still need to do something legally and do I still need the lawyer? Or do I just do nothing? My parents did not say anything about the timeshare in their will, but they did make me executor of their estate.
Also, w/out me being on the deed, but proven as the executor in the will and next-of-kin, am I allowed to stay at the resort this next year and make any changes to the reservations? We are paid up on fees, and the mortgage from 1988 is paid off.
Some details about the TS condo... It is a 2-bedroom lock-off in the Tower building, which I think is the best bldg. there with gorgeous views and quick access to the club house and main pool. I do love it there, and there are a lot of memories and sentimental value in keeping it, and I think that is why I'm having a hard time. My mother also wanted it for me, and part of me wants to honor her investment, as my parents worked so hard all their lives, but this time and place was the one thing they got to look forward to.
Why I still hesitate is that after a couple years, the maintenance fees could become too much for me, though it is only $1000/yr. which seems to be lower than what others are paying. But how easy is it to rent or sell in this market?? And if worse comes to worse, it sounds like I could do a "deed-back"..? Also, I'm almost 550 miles away, and it is costly for the gas and car rental each year that I have to consider.
Yet I know the stress that TS owners go through, and already, it has been so stressful dealing with HICV that I broke down in tears.
Next year, we do have ideal reservations in the summertime - the first reservation being from dues paid for 2020 - they finally allowed us to push it back due to extreme circumstances, and my name is listed as a Guest, as well as a late summer stay I was looking forward to as part of the 2021 fees.
So what do you think I should do? Get my name on the deed and enjoy it for a couple years? Do nothing? And if I do nothing, can I still stay as a guest in those reservations, especially the one made during my mother being alive and listing me as a guest??
Thanks so much for reading this.
I'm so grateful to find this forum! I am really struggling with what to do with multiple questions, and if anyone can offer any insight to any one of the questions, please do...
As I mentioned in the title, my parents were member-owners in a deeded timeshare at The Ridge Tahoe, now managed by Holiday Inn Club Vacations in Stateline, Nevada in the hills/mountains above Lake Tahoe, and if any of you have any experience or knowledge of this market, please share. HICV is not allowed to give me advice whatsoever. But basically I have to decide if I want the deed transferred to my name... or should I just let the timeshare go?
From what I read here, it sounds like it would go into foreclosure if I let it go, but can they come after me? My mom did have a little money but it all transferred to me legally since we had a joint account, but a lot of it is gone/used now to pay off debts. And other than the timeshare, we really don't have any other assets I can think of. Oh, wait, we do have land in the CA desert that nobody wants and is still hardly worth the taxes owed each year. And not sure if it matters, but I live in CA, the timeshare is in NV, and my parents died in WA.
And if I want the deed transferred to my name, do I really need an attorney to do it? So far, I found one that is $350/hr. and is asking for a retainer fee of $1500. He hasn't said for sure, but thought maybe we will not have to go into probate if the value is under $25K, and as I see what people are selling theirs for, of course it should be considered valued under that... that is if the "value" he's talking about is in regards to the current market and what people pay to an owner that is selling. Or is the value considered what a brand new timeshare would be sold for at the same location? I can't ask him further since I'll need to pay him first, but wanted to educate myself as much as possible so I even know what it is that I want to do.
And if I decide to let it go, do I still need to do something legally and do I still need the lawyer? Or do I just do nothing? My parents did not say anything about the timeshare in their will, but they did make me executor of their estate.
Also, w/out me being on the deed, but proven as the executor in the will and next-of-kin, am I allowed to stay at the resort this next year and make any changes to the reservations? We are paid up on fees, and the mortgage from 1988 is paid off.
Some details about the TS condo... It is a 2-bedroom lock-off in the Tower building, which I think is the best bldg. there with gorgeous views and quick access to the club house and main pool. I do love it there, and there are a lot of memories and sentimental value in keeping it, and I think that is why I'm having a hard time. My mother also wanted it for me, and part of me wants to honor her investment, as my parents worked so hard all their lives, but this time and place was the one thing they got to look forward to.
Why I still hesitate is that after a couple years, the maintenance fees could become too much for me, though it is only $1000/yr. which seems to be lower than what others are paying. But how easy is it to rent or sell in this market?? And if worse comes to worse, it sounds like I could do a "deed-back"..? Also, I'm almost 550 miles away, and it is costly for the gas and car rental each year that I have to consider.
Yet I know the stress that TS owners go through, and already, it has been so stressful dealing with HICV that I broke down in tears.
Next year, we do have ideal reservations in the summertime - the first reservation being from dues paid for 2020 - they finally allowed us to push it back due to extreme circumstances, and my name is listed as a Guest, as well as a late summer stay I was looking forward to as part of the 2021 fees.
So what do you think I should do? Get my name on the deed and enjoy it for a couple years? Do nothing? And if I do nothing, can I still stay as a guest in those reservations, especially the one made during my mother being alive and listing me as a guest??
Thanks so much for reading this.