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Inheriting an unwanted timeshare

hcw

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My father passed away 4 years ago, and due to dementia I have taken over my mother's bookkeeping responsibilities. I know nothing about timeshares and how they work, but it seems my parents owned 2 separate timeshare properties from Grandview at Las Vegas. Nobody has paid fees for quite a while and over $6000 is owed. What is the quickest, cheapest way to unload this obligation? My mother's care is very expensive and it would be a burden to pay this bill. What would happen if I just leave it unpaid? We don't care about her credit score, but would they come after the estate? I would be thrilled if the company would just foreclose and take it back. Incidentally I was told that they are very nice properties.
 

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I assume the $6,000 is what is owed on a loan used to buy the Weeks. If so, I would stop paying, read up on the advice you will get here then figure out what to do. There is no need to write another check until you have decided what to do. Note that the Weeks at the Grandview are worth something but not much...

George
 

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I think I'd have the father's attorney write the holder of the mortgage and/or Vacation Village/Grandview- whoever is owed, and say that the estate is in conservatorship (because of mom's dementia- and it should be) and that no heirs will accept the bequest of the timeshare (you don't have to accept ANY bequest) and that the 'negatively valued asset' should be foreclosed. They should be informed that they are not getting another dime and the credit score of the decedent is unimportant. The end.

Jim
 
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hcw

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I think I'd have the father's attorney write the holder of the mortgage and/or Vacation Village/Grandview- whoever is owed, and say that the estate is in conservatorship (because of mom's dementia- and it should be) and that no heirs will accept the bequest of the timeshare (you don't have to accept ANY bequest) and that the 'negatively valued asset' should be foreclosed. They should be informed that they are not getting another dime and the credit score of the decedent is unimportant. The end.

Jim
Thank you, I will try that.
 

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Nobody has paid fees for quite a while and over $6000 is owed...........What would happen if I just leave it unpaid?
Just to clarify and confirm what Bogey21/George said above, is the $6000 owed to the loan for buying the property or owed for maintenance fees?

If you "just leave it unpaid", you or your Mom will likely get a bunch of collection calls and letters (if that hasn't happened already). Those can probably just be ignored. But yes, foreclosure would likely result which, considering the circumstances, isn't all that bad of an option.

Just a couple of warnings. First, contrary to what the title of this thread implies and confirming what Passepartout/Jim said above, the heirs are not forced to accept an unwanted TS. Secondly, do not go contacting any of these companies or law firms that claim they can get you out of your TS or TS debts.
 

hcw

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Just to clarify and confirm what Bogey21/George said above, is the $6000 owed to the loan for buying the property or owed for maintenance fees?

If you "just leave it unpaid", you or your Mom will likely get a bunch of collection calls and letters (if that hasn't happened already). Those can probably just be ignored. But yes, foreclosure would likely result which, considering the circumstances, isn't all that bad of an option.

Just a couple of warnings. First, contrary to what the title of this thread implies and confirming what Passepartout/Jim said above, the heirs are not forced to accept an unwanted TS. Secondly, do not go contacting any of these companies or law firms that claim they can get you out of your TS or TS debts.
I believe the charges are for maintenance fees. Thank you so much.
 

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I believe the charges are for maintenance fees.
If that is indeed the case, then that means that the MFs haven't been paid for the last six years or so, assuming that the MFs are about $1000 per year. If that is the case, has the resort contacted your Mom for not paying these last six years? I'd venture a guess that, after six years of no MF payments, the resort would have foreclosed by now.
 
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hcw

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If that is indeed the case, then that means that the MFs haven't been paid for the last six years or so, assuming that the MFs are about $1000 per year. If that is the case, has the resort contacted your Mom for not paying these last six years? I'd venture a guess that, after six years of no MF payments, the resort would have foreclosed by now.
Looking at the statements from the resort, they have been billing her for maintenance fees plus a $30 late fee every year for 6 years. They send a statement on January 1st, and then nothing for the rest of the year. No indication that they have foreclosed.
 

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Looking at the statements from the resort, they have been billing her for maintenance fees plus a $30 late fee every year for 6 years. They send a statement on January 1st, and then nothing for the rest of the year. No indication that they have foreclosed.
That's in your favor. Ignore them, don't sign up with a timeshare exit company, don't pay a dime. At most, let the resort know your mom can no longer handle her affairs, and no one in the family is accepting the ts. They can do what they want with it.
 

hcw

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I've sent them a letter to that effect, and I'll let you know what happens. I can't tell you how much I appreciate all the advice I've received here.
 

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I've sent them a letter to that effect, and I'll let you know what happens. I can't tell you how much I appreciate all the advice I've received here.
It may not have the weight of having a lawyer who is licensed in the jurisdiction write the letter. I hope they just fold and foreclose, but they've been down this road before and have nothing to lose by trying to collect from the estate. Good Luck!

Jim
 
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hcw

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It may not have the weight of having a lawyer who is licensed in the jurisdiction write the letter. I hope they just fold and foreclose, but they've been down this road before and have nothing to lose by trying to collect from the estate. Good Luck!

Jim
What if I file a quit claim deed on the property? Would they still have a claim on the estate?
 

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What if I file a quit claim deed on the property? Would they still have a claim on the estate?
Deed to whom? You can't just quit claim it to no one. Cool your jets. What does the estate's attorney say? I'm not an attorney, We don't even know where you are, and Nevada's Real Estate laws are among the least consumer friendly in the country. Your father has been gone for 4 years and you've opened the inquiry here 2 days ago. This is not going to be resolved an days- or even weeks. You're in this for a long haul if you don't want to just pay them off and try to sell or give away this timeshare.
 

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Update: I received no response to my letter. I spoke to my attorney and she said that if my mother leaves a bankrupt estate, I can still be sued personally for not paying this debt when the money was available. So, I need to unload this as soon as possible. She recommended that I try to negotiate a settlement with the company. Who do I attempt to speak to about doing this? I've phoned all over the place at Grandview but have never spoken to anyone who had the authority to negotiate. Thank you.
 

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Update: I received no response to my letter. I spoke to my attorney and she said that if my mother leaves a bankrupt estate, I can still be sued personally for not paying this debt when the money was available. So, I need to unload this as soon as possible. She recommended that I try to negotiate a settlement with the company. Who do I attempt to speak to about doing this? I've phoned all over the place at Grandview but have never spoken to anyone who had the authority to negotiate. Thank you.
I've never heard of a timeshare operator going after an heir for unpaid maintenance fees, though I understand why your lawyer gave that advice, which is legally sound even though I doubt it would come to that. I know when I did my mom's estate in Oklahoma, there was a set period of time creditors had to come forward or they were SOL. I wonder if it is the same in your state....Is your mother's name on the deed, or only your late father's? If only your father's, and it was never transferred to her name after he passed, I'm not sure how they can even go after her, but I defer to your attorney on that.

Normally I would say don't even speak to Grandview because it could potentially reset the statute of limitations on credit reporting, but in your mother's case, I don't think it makes any difference. I'm certain they'll eventually foreclose quietly.

PS at this point, your case is certainly in the hands of a collection agency, so I would imagine Grandview will tell you you have to speak with that agency. And, of course, the agency has no power to terminate the contract.
 

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Normally I would say don't even speak to Grandview because it could potentially reset the statute of limitations on credit reporting, but in your mother's case, I don't think it makes any difference. I'm certain they'll eventually foreclose quietly.
Agree. Don't respond to (or even talk to) Grandview. Let it die. It will...

George
 

hcw

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I've never heard of a timeshare operator going after an heir for unpaid maintenance fees, though I understand why your lawyer gave that advice, which is legally sound even though I doubt it would come to that. I know when I did my mom's estate in Oklahoma, there was a set period of time creditors had to come forward or they were SOL. I wonder if it is the same in your state....Is your mother's name on the deed, or only your late father's? If only your father's, and it was never transferred to her name after he passed, I'm not sure how they can even go after her, but I defer to your attorney on that.

Normally I would say don't even speak to Grandview because it could potentially reset the statute of limitations on credit reporting, but in your mother's case, I don't think it makes any difference. I'm certain they'll eventually foreclose quietly.

PS at this point, your case is certainly in the hands of a collection agency, so I would imagine Grandview will tell you you have to speak with that agency. And, of course, the agency has no power to terminate the contract.
It's been about 7 years and I've never heard anything from a collection agency. I just get a bill once a year.
 

hcw

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Agree. Don't respond to (or even talk to) Grandview. Let it die. It will...

George
I hope you're right. This is making me very anxious.
 

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In most states, the timeshare companies only remedy to solve the default is to foreclose on the timeshare. They can't sue for additional monies other than what they get from foreclosure.
 

hcw

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In most states, the timeshare companies only remedy to solve the default is to foreclose on the timeshare. They can't sue for additional monies other than what they get from foreclosure.
Thank you. Would that be Nevada (where the timeshare is located), or the state where I live?
 

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Nevada may not be a non-judicial anti deficiency state for timeshares. See this thread. Not sure if @Grammarhero can clarify this.
 

hcw

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Nevada may not be a non-judicial anti deficiency state for timeshares. See this thread. Not sure if @Grammarhero can clarify this.

Thank you very much. When they refer to "Timeshare owner", is that the company, or me?
  1. Nevada – NV, defaulting TS owners have no right to non-judicial, anti-deficiency foreclosures, but defaulting homeowners do: https://www.leg.state.nv.us/NRS/NRS-119A.html
 

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Thank you very much. When they refer to "Timeshare owner", is that the company, or me?
  1. Nevada – NV, defaulting TS owners have no right to non-judicial, anti-deficiency foreclosures, but defaulting homeowners do: https://www.leg.state.nv.us/NRS/NRS-119A.html
There's rights, and then there's the expense a company will go through to recover debt. I don't think the cost/benefit is there for them to pursue your mother or you for $6K or $10K or $15K. There are owners who are delinquent many tens of thousands of dollars in loans and dues.

On the other hand, I'm fully aware that if I'm wrong, the consequences aren't on me.
 
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moonstone

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I know when I did my mom's estate in Oklahoma, there was a set period of time creditors had to come forward or they were SOL.
That is what folks we knew did when their dad passed on years ago. His parents owned a timeshare in Collingwood ON and after his mom died he tried to get the company to take back the timeshare because his father, who was in ill health, would not be using it. Before he heard back his father passed away. The company advised him that he needed to keep paying the maintenance fee (there was no loan) forever. Our friend's lawyer told him to keep paying until the estate was settled (was 1 more payment). The lawyer put a Notice to Creditors in the paper in Ottawa (6hrs away) where the parents lived and of course the timeshare company didn't see them. When demands for the next payment were received the lawyer sent a letter explaining that the owners had passed away, there were no heirs willing to accept the ownership and there had been 3 Notices to creditors in the paper to which nobody had responded, and the estate had been settled long ago. So basically the timeshare company was SOL - our friends never heard back from them!

~Diane
 
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