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Inherited

Poppy son

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My Dad upgraded his HGVC studio at W 57 street in NY 2 weeks prior to his death on November 9, 2016. The Studio was paid for $51,000. The one bedroom cost $85,000. He financed the $34,000 at 15%. My father was old and confused. Now I am not sure whether to take possession and be responsible for the $33,000 or walk away and lose the $51,000 originally invested. I take vacations with my family but $33,000 buys a lot of fun. Can someone advise me? The HGVC people don't seem to want to help. I wanted to just get back to the studio but they wont down grade. Seems like a ruthless business.
 
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presley

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The $51K is lost no matter what you do. You are correct that $33K can buy you lots of vacations. It can also buy you a ton of resale timeshare weeks, if you like timeshares. If you are not planning on staying on the property in NYC on a regular basis, I cannot see any reason why it would be worth your time to even consider accepting the timeshare.

It is a very ruthless business. Timeshare salespeople take advantage of the elderly all the time. I would blast the heck out of them in social media.
 

falmouth3

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I'm absolutely not an expert in estate matters, but aren't debts such as mortgages still owed by the estate? Check with your attorney.
 

Conan

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My Dad upgraded his HGVC studio at W 57 street in NY 2 weeks prior to his death on November 9, 2016. The Studio was paid for $51,000. The one bedroom cost $85,000. He financed the $34,000 at 15%. My father was old and confused. Now I am not sure whether to take possession and be responsible for the $33,000 or walk away and lose the $51,000 originally invested. I take vacations with my family but $33,000 buys a lot of fun. Can someone advise me? The HGVC people don't seem to want to help. I wanted to just get back to the studio but they wont down grade. Seems like a ruthless business.

In deciding what to do, you need to look separately at the asset (the HGVC one bedroom timeshare) and the debt (the $34,000 he borrowed).

Almost certainly he was personally liable for the $34,000 that he borrowed. That means the $34,000 is now a debt of his estate. Maybe HGVC will agree to take back the timeshare week and cancel the debt (sometimes called a deed in lieu of foreclosure), but maybe they won't. If the debt is to a credit card company (and not directly to HGVC) that adds an extra complication.

[It would be a different story if his entire estate were insolvent - - meaning that his total debts were more than his total assets. Then there would be nothing for you to inherit, nor would you be responsible for the part of his debts that his estate couldn't pay.]

You need a lawyer to help take care of his estate, and as part of that process you should ask the lawyer how and when to address the debt.
 
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