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My co-owner left me high and dry and I have no idea what to do

robtombrand

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Hello All,

I (co)own property at the Colonies of Williamsburg. I was previously in a contract by myself but upgraded to a new deed with my then partner.

Long story short, it was the worst decision I've ever made. They were terrible with money and actively were stealing from me. They made no payments towards the timeshare and since it's a contract we're both locked in, I've had to pay double what I was willing to pay (700 a month instead of 350) just to stay out of serious trouble.

I've called the Colonies, the mortgage company, and even sought legal consultation.

At every opportunity I was told that due to their status as a co-owner, I could make no decisions/moves without their consent. Unfortunately, they're not returning my calls and seem to have no interest in assisting me.

I thought I had reached a solution with a QUICK/QUIT Claim deed. By having my ex sign this, I would gain full rights and responsibility of the timeshare and be able to sell it or negotiate for a less expensive unit, but the mortgage company just informed me that I can't use such a deed until the mortgage has been PAID IN FULL.

My remaining balance is $35,000 and I have NO IDEA how to acquire that kind of cash.

Please help
 

DaveNV

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I’m sorry to hear about this, and can’t really advise you on what to do, but I wanted to point out that even if you paid off the mortgage, it’d still be a joint ownership.

You might consider letting it go into foreclosure. You’d take a hit on your credit for a time, but you’d be out from under the mortgage and the joint ownership. Your credit would recover eventually, but you’d be free of the burden.

Good luck!

Dave
 

Iggyearl

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What Dave said.... You sound like a responsible and moral person, and you have been put in an untenable position. Darned if you do - darned if you don't. Your ex-partner will be taking a hit (also) if you decide to let the debt go. I would do just that. You will be hounded, called, get letters. But, they can't get blood from a stone. The more you continue to pay, the more you will be throwing good money after bad.

If you stop now, you will have credit score ramifications. However, the 3 credit bureaus all will accept letters of explanation for certain debts. You have a right to explain what happened, and get some consideration. If you don't need credit in the foreseeable future, it should not affect your daily life too much. If it was me, I know continuing to pay would eat away at my soul. $8400/year? That's a lot of money.
 

Passepartout

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I agree with both the above. Default, take the bitter pill. It was a mistake, but at this stage swallowing the sword and single-handedly paying it off is just making a bad situation worse. Remember- that even paid-for, financially, virtually ANY timeshare is worth bare pennies on the dollar. And note, too, that the co-owner will also suffer the consequences of the default.

Best Wishes....

Jim
 

rickandcindy23

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Yes, a hit on your credit just means you will need to write a letter and mail it to all three credit reporting agencies, letting them know the circumstances. And I do know for a fact that timeshare foreclosures don't ding your credit as much as a home foreclosure. The reporting agencies know how sleazy the timeshare industry is. Sad but true.
 

AndySamuels

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Make sure to attach artifacts to support your letter's timeshare default background.
 

Theiggy

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I have no experience with this at all but if you call the developer and tell them you will have to default, maybe they will do something for you?


Sent from my iPhone using Tapatalk
 

DrQ

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The decision to default is something which you will have to come to terms.

Clearly this is a cautionary example to others to not enter into legal entanglements with others to which they do not have a lasting relationship.

If you are not married, then consider the purchase ONLY on the basis of what YOU will want.

I realize that there are committed couples out there that do not want to get married, but they need to construct their financial relationships with that tenuous nature in mind. If my significant other asked me to join our finances but not other aspects of our lives, then that would raise some alarm bells to me.
 
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DrQ

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If I were considering defaulting, I would look at factors like:
  • Will the mortgage company sue me?
  • Do they have a history of litigation?
  • Do you have assets?
  • Do you live in a state which allows wage garnishment for settlement of a judgment?
  • Are you prepared for a credit "timeout" of about 6-7 years?
If I were to decide to pull the trigger on defaulting, I would purchase any major items now (assuming my credit is intact) while I could get favorable terms.

This is not legal advice. Please do your own research.
 

BennyBoy00

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If you still wanted the timeshare, you could look into refinancing the loan with Lightstream (https://www.lightstream.com/timeshare-loans), that would allow you to pay off the original mortgage, and obtain a new loan in your name only. The you could pursue getting the deed and ownership transferred to your name, but this is a good first step, and if you have good credit, the Lightstream loans usually have a much lower interest rate and payments than your original timeshare mortgage.
 

Iggyearl

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By paying off the current loan, the joint mortgage is paid off. But I don't understand how you would take someone's name off the title unilaterally. The other owner would have to relinquish their rights, which seems distant, as they are not answering calls. Plus, if the OP has read any articles on Tug, he/she would understand that a $35,000 mortgage is nuts compared to resale prices.
 

bogey21

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OP is in an almost impossible position. If his/her financial condition is not pristine, OP should seriously consider defaulting.

George
 

davidvel

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Do you use the timeshare? Do they?

I don't understand the advice to file for bankruptcy over $350/month.
 

Iggyearl

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I believe the advice was to default, not declare bankruptcy. And the monthly fee per person was $350. That leaves the OP with a 700/month bill
 

silentg

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I can’t believe you paid $35,000 for a timeshare! You should contact the developer who sold it to you tell them your financial situation get them to release you from this awful deal. Since your partner is no longer helping you pay they should renegotiate with you or let you out of the agreement.
Sorry you are going through this.
Silentg
 

BennyBoy00

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By paying off the current loan, the joint mortgage is paid off. But I don't understand how you would take someone's name off the title unilaterally. The other owner would have to relinquish their rights, which seems distant, as they are not answering calls. Plus, if the OP has read any articles on Tug, he/she would understand that a $35,000 mortgage is nuts compared to resale prices.
Of course... Op suggested he could get the ex to sign a quitclaim deed but that would only work if the mortgage was paid off. If you paid off the current loan and got a new loan, then he could pursue the quitclaim deed path. In a Divorce case, the court can compel the other party to sign deeds based on the distribution of property agreement. Since that's not the case here, perhaps the Op can ask his legal counsel if there's a way to compel the ex to sign the deeds? Lawsuit, etc?

I bring up the refinancing option not only because it gets the ex off the current loan agreement, but it could also reduce the payments to less than $700/mo with the lower interest rates and make it easier to pay.

Not sure the Ops credit situation, but unless I absolutely couldn't afford it, an extra $350/mo bill is not worth it to me for the credit hit for defaulting on the loan. Unless you were lucky enough to find this group during the rescission period after purchase, most people on this group paid full price for their first timeshare and discovered the resale market later. It's up to the Op is he still wants to enjoy the timeshare or not in the future.
 

AndySamuels

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$700 a month to pay down a $35K balance will take a very long time. Especially with a predatory APR (which most developer TS' carry as I understand it / remember from presentations). That is a lot of pre-tax income every month / annually. I would default.
 

davidvel

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I believe the advice was to default, not declare bankruptcy. And the monthly fee per person was $350. That leaves the OP with a 700/month bill
It seems there are 2 issues being debated here:
(1) Was this a good deal (the purchase) and should OP try to get out by defaulting, etc.? Of course it was a horrible deal, but OP will have to deal with financial repercussions if they default.

and (2), how to get his ex-partner off title(the issue I thought OP was presenting) :
Hello All,
I thought I had reached a solution with a QUICK/QUIT Claim deed. By having my ex sign this, I would gain full rights and responsibility of the timeshare and be able to sell it or negotiate for a less expensive unit, but the mortgage company just informed me that I can't use such a deed until the mortgage has been PAID IN FULL.
I was addressing issue #2. If OP was willing to pay $350 a month for (presumably) half use, then getting full use for $700/month is the equivalent (albeit more cash flow out). Defaulting on a loan and taking a credit hit for $350 (more) a month seems like a poor financial decision IMO. OPO should learn to maximize the full usage.

Presuming there is some evidence of the 50/50 agreement between the partners, the rest can be sorted out later, quite summarily in a breach of contract/quiet title action. I would also get the quitclaim deed signed and file it, so long as you plan to keep paying the loan off the next 4 years or so.
 

lauramiddl

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There is an excellent thread started by user Go Chiefs or Bust that is worth a read about defaulting on a timeshare loan. There are many parallels between your story and hers .
Good luck to you. I agree with others that you should stop paying on this loan. You will be able to rebuild your financial security much faster by using that monthly payment for an emergency fund or to repay other debts
https://tugbbs.com/forums/index.php?threads/2015-about-to-start-the-foreclosure-process.231584/
 
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