• The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 30 years!

    Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered 24 hours a day!
  • TUG started 30 years ago in October 1993 as a group of regular Timeshare owners just like you!

    Read about our 30th anniversary: Happy 30th Birthday TUG!
  • TUG has a YouTube Channel to produce weekly short informative videos on popular Timeshare topics!

    Free memberships for every 50 subscribers!

    Visit TUG on Youtube!
  • TUG has now saved timeshare owners more than $21,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $21 Million dollars
  • Sign up to get the TUG Newsletter for free!

    60,000+ subscribing owners! A weekly recap of the best Timeshare resort reviews and the most popular topics discussed by owners!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    All T-shirt options here!
  • A few of the most common links here on the forums for newbies and guests!

Removing Spouse off title but still have a loan balance

Joined
Apr 2, 2017
Messages
2
Reaction score
0
Location
San DIego, CA
Resorts Owned
Hilton Grand Vacations Club on the Boulevard
Dear TUG BBS Members,

This is my first post... here goes.

I currently own at HGVC Las Vegas Boulevard. My wife and I financed the purchase as co-owners. Both our names are on the Deed. She wants to relinquish all financial responsibility and have her name removed off the title. I want to be the sole owner on the deed and the only one financially responsible for the loan. Has anyone ever done this?

Sincerely,
Sean
 

vacationhopeful

TUG Review Crew: Rookie
TUG Member
Joined
Sep 11, 2007
Messages
12,760
Reaction score
1,700
Location
Northeast USA
Several points...
It is unlikely any developer will remove a person from a loan contract ... 2 makers on the loan increases the likelihood of the party (holder of the loan) that getting paid.

The loan most likely has been SOLD in a packet to a 3rd party ... paying it off is the only way to get that loan out of the packet (a revenue stream to this 3rd party).

You are most likely paying a HIGH interest rate (as this will mostly be an unsecured loan) ... taking out a loan via another source would get your wife off the loan (and you also must take her off the ownership/deed also).

So pay off the loan in full. Re-deed the ownership in your name only. And it takes cash. And refinancing a single timeshare is difficult ... the developers had clout, assets and big numbers to get financing. YOU are looking for a consumer loan.
 
Joined
Apr 2, 2017
Messages
2
Reaction score
0
Location
San DIego, CA
Resorts Owned
Hilton Grand Vacations Club on the Boulevard
Thanks for the quick reply. I'll pay it off and have her sign the quit claim deed.
 

vacationhopeful

TUG Review Crew: Rookie
TUG Member
Joined
Sep 11, 2007
Messages
12,760
Reaction score
1,700
Location
Northeast USA
Get her to sign an agreement that YOU are paying off the loan and she is agreeing that you will be the sole owner and SHE will sign a "quit claim" deed.

Sounds like you are trying to split assets and as a co-owner, you can certainly JUST pay off the loan BUT she will still own (have claim) to her right of 50% ownership.
 

dioxide45

TUG Review Crew: Expert
TUG Lifetime Member
Joined
May 20, 2006
Messages
48,938
Reaction score
20,370
Location
NE Florida
Resorts Owned
Marriott Grande Vista
Marriott Harbour Lake
Sheraton Vistana Villages
Club Wyndham CWA
She could always sign a quit claim deed, but that won't remove her name from the note or mortgage and it probably won't be recognized by the developer until the loan is paid in full. Even still, if she were not on the deed, depending on the state your in, she might be considered to have ownership interest in the week. Though I suspect this probably only comes more in to play with traditional real estate. When my in laws inherated a property, my MIL transferred the deed to her sister. My FIL had to sign the deed even though he did not inherate any part of the property. It belonged to my MILs mother. My FIL was signing away his dower rights.

Dower rights are the interest that a person has in real property owned by his or her spouse. If one person owns property during a marriage, his or her spouse has a 1/3 life estate interest in that property.

California is even trickier as a community property state. Everything you own and everything you owe during the marriage is split 50/50.
 

Talent312

TUG Review Crew: Veteran
TUG Member
Joined
Jul 4, 2007
Messages
17,659
Reaction score
7,519
Resorts Owned
HGVC & GTS
California is even trickier as a community property state. Everything you own and everything you owe during the marriage is split 50/50.

For community property states like CA and Nevada, I've no idea how a QCD between spouses might affect their respective property rights or inheritance. But it would prolly would be enuff to get HGVC to take her name off it's membership rolls (once the loan is paid-off). You could get her signature on the deed b4 paying-off the loan. I suggest contacting HGVC's title-office at 877-764-4482.
.
 

GT75

TUG Review Crew: Veteran
Moderator
Joined
May 30, 2016
Messages
4,578
Reaction score
3,074
Location
Gig City in Tennessee
Resorts Owned
Legacy HGVC
FAVC-Cabo
Hilton also charges to change the title. It is different for different properties.
 

1Kflyerguy

TUG Review Crew: Veteran
TUG Member
Joined
Nov 20, 2012
Messages
3,602
Reaction score
1,653
Location
San Jose, Ca
Resorts Owned
HGVC Kings Land, Elara, and Marriott Destination Club Points
For what its worth HGVC refused to allow me to re-title our unit into our trust as long as we had the loan outstanding. In that case it was my wife and i were the trustees and on the loan, so not even a change in the individuals involved.
 

Janann

TUG Review Crew: Expert
TUG Member
Joined
Jul 20, 2006
Messages
1,424
Reaction score
851
Location
North Texas
Resorts Owned
HGVC on the Boulevard, Las Vegas;
Disney's Saratoga Springs
For what its worth HGVC refused to allow me to re-title our unit into our trust as long as we had the loan outstanding. In that case it was my wife and i were the trustees and on the loan, so not even a change in the individuals involved.
Probably because in the event of a loan default, it is a lot easier to sue the owners as individuals rather than an owner that is a trust. The lender wouldn't have access to much information about a trust, but it is pretty easy to figure out if it is worthwhile to pursue a case against an individual.
 

1Kflyerguy

TUG Review Crew: Veteran
TUG Member
Joined
Nov 20, 2012
Messages
3,602
Reaction score
1,653
Location
San Jose, Ca
Resorts Owned
HGVC Kings Land, Elara, and Marriott Destination Club Points
Probably because in the event of a loan default, it is a lot easier to sue the owners as individuals rather than an owner that is a trust. The lender wouldn't have access to much information about a trust, but it is pretty easy to figure out if it is worthwhile to pursue a case against an individual.

I am sure that is correct. We have our house in our trust as well, and anytime we refinance we have had to take it out of the trust for the loan to fund, but then the lenders never have a problem with us putting it back into the trust. Maybe HGVC is stricter because they also service the loan. Not sure, but since we have paid off our T/S loans its not an issue for us any longer.
 

rapmarks

TUG Review Crew: Elite
TUG Member
Joined
Jun 6, 2005
Messages
9,839
Reaction score
5,031
I am sure that is correct. We have our house in our trust as well, and anytime we refinance we have had to take it out of the trust for the loan to fund, but then the lenders never have a problem with us putting it back into the trust. Maybe HGVC is stricter because they also service the loan. Not sure, but since we have paid off our T/S loans its not an issue for us any longer.

I am curious, how do you take it out of the trust, and then put it back in? Do you have it re titled each time, do you reregister it? Isn't this costly?


Sent from my iPad using Tapatalk
 

dioxide45

TUG Review Crew: Expert
TUG Lifetime Member
Joined
May 20, 2006
Messages
48,938
Reaction score
20,370
Location
NE Florida
Resorts Owned
Marriott Grande Vista
Marriott Harbour Lake
Sheraton Vistana Villages
Club Wyndham CWA
I am sure that is correct. We have our house in our trust as well, and anytime we refinance we have had to take it out of the trust for the loan to fund, but then the lenders never have a problem with us putting it back into the trust. Maybe HGVC is stricter because they also service the loan. Not sure, but since we have paid off our T/S loans its not an issue for us any longer.
This certainly shouldn't be necessary. A lot of people have homes in a trust that they have a mortgage on. Many lenders will just require you to sign the note as an individual and trustee. So you are still individually responsible for the debt. Though the mortgage will be signed only as the trustee.
 

1Kflyerguy

TUG Review Crew: Veteran
TUG Member
Joined
Nov 20, 2012
Messages
3,602
Reaction score
1,653
Location
San Jose, Ca
Resorts Owned
HGVC Kings Land, Elara, and Marriott Destination Club Points
I am curious, how do you take it out of the trust, and then put it back in? Do you have it re titled each time, do you reregister it? Isn't this costly?

Sent from my iPad using Tapatalk

Correct, you re-title it with a new deed and filing with the county each time. I have never personally had to pay for this, as the mortgage broker covers the expense.

This certainly shouldn't be necessary. A lot of people have homes in a trust that they have a mortgage on. Many lenders will just require you to sign the note as an individual and trustee. So you are still individually responsible for the debt. Though the mortgage will be signed only as the trustee.

I agree completely, and my estate attorney also agrees, however whenever i have protested. The lenders state that i am free to find a different lender, and that if want the fund them, its a requirement. So in the end, its a few extra documents to sign and in my mind a needless step, but its works.
 

liongate88

TUG Member
Joined
Jul 30, 2020
Messages
136
Reaction score
27
Resorts Owned
DVC (AUL), WKV, SVV, HGVC (BLVD, GW, Elara), HRC , WM
Hi, If I want to remove my wife off the deed for HGVC ownership in the future and have it recorded to the county myself. Do you have to pay another transfer fee and activation fee to HGVC? Thanks
 

Talent312

TUG Review Crew: Veteran
TUG Member
Joined
Jul 4, 2007
Messages
17,659
Reaction score
7,519
Resorts Owned
HGVC & GTS
Hi, If I want to remove my wife off the deed for HGVC ownership in the future and have it recorded to the county myself. Do you have to pay another transfer fee and activation fee to HGVC? Thanks

Not likely, since you are remaining as an owner.
But call HGVC for a better answer than our armchair quarterbacking.

BTW, you are allowed to start a new thread than reopen one from 2017.
.
 
Top