Removing name from Timeshare

[rbrlzrd]

A friend of mine has a timeshare that he got years ago and it had his girlfriend's (no ex) on it. She no longer wants to be associated with the timeshare and is agreeable to signing paperwork to get her name off of it.

Is there a step-by-step process posted here that I missed? After some searching, I see that a quit claim deed will need to be completed, but I'm not sure of the rest of the process.

He still owes money on the timeshare, so would it be possible to sell it, or do people generally gravitate towards TS that are paid off?

TIA

 

[Passepartout]

A QC is probably the easiest/cheapest way to go. After the new deed is filled out and registered with the county where the TS is, and the resort is notified of the change (there is a charge for both steps) her name is off it. It can usually be a DIY project or there are people on TUG who do it for a couple hundred$.

Unless the TS is a high demand, name-brand (Hilton/Marriott/Hyatt) Summer season, beach resort, it probably has little resale value, and close to zero if it isn't paid for.

Sorry if this isn't what your friend wants to hear.

Jim

 

[tschwa2]

If money is still owed on it, both getting the ex gf off and selling will be more difficult or impossible. Most resorts will not let a person be removed from the deed if there is a lien on the property. To facilitate the process, your friend could take a private loan or line of credit or pay it off with a low interest credit card. As long as the ex gf's name is on the loan she is still on hook for the amount. After the lien is satisfied and the TS is clear, he can have her sign a quit claim deed, have it recorded and then forward the information to the resort following the instructions and paying any fees required by the resort.

As for the not paid off and selling part... Many time shares are worth $0. A very few have some value but if you have a loan 99% are going to be worth less than the amount owed on it. Very, very few are going to be worth in the thousands or more.

Without going into specifics (as to not violate the no advertising in the forums) who is the manager/developer of the TS and how much is still owed? The city of the TS and the time of year the week is will also help us give you an estimate of its worth or lack of.