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Transferring a Marriott deeded week w/ a LOAN?

Slinger

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Ok experts, I come here seeking help.

I have found a week that I want to purchase. There is still a loan on it through Marriott from the original purchase.

1) Can I just take over the loan? OR will it need to be paid off prior to transfer?

2) LT doesn't do Hawaii any longer if $ changes hands, and the next company I found won't touch anything with a loan on it. Ideas on where to look to do the deed/title transfer?

Thanks a bunch in advance everyone!
 

DeniseM

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The mortgage holder has to approve you to take over the loan. If you don't do this step, the deed will be in your name, and the loan will stay in the original owner's name.
 

StevenTing

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In most traditional real estate transactions the loan has to be paid off and a new loan established. I don’t know if this is something Marriott will do. They might let you take over the loan as DeniseM mentioned but they didn’t base the loan off your credit. I think it’s slim chances they let you take it over.
 

Renzo

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Ok experts, I come here seeking help.

I have found a week that I want to purchase. There is still a loan on it through Marriott from the original purchase.

1) Can I just take over the loan? OR will it need to be paid off prior to transfer?

2) LT doesn't do Hawaii any longer if $ changes hands, and the next company I found won't touch anything with a loan on it. Ideas on where to look to do the deed/title transfer?

Thanks a bunch in advance everyone!
Timeshare loans are assumable, so you should be able to take over the loan, and sign a promissory note.
 

Slinger

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Timeshare loans are assumable, so you should be able to take over the loan, and sign a promissory note.

Would we need to contact Marriott to take care of this?

Secondly, which title/transfer company would be willing to handle such a transfer for a Hawaii deeded week?
 

bogey21

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The logical first step is to call Marriott Sales with all the details regarding the proposed transaction. They may or may not be able to help but IMO they are in the driver's seat and will have to acquiesce or you will never get the deal done.

George
 

Renzo

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I would contact Marriott first yes. And ask all questions you can.
 

TXTortoise

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Any Hawaiian title company would be familiar with the process, once you sort out the loan situation. Can you elaborate on LT? They have done a couple of Hawaii transfers for me using a poor man's escrow, i.e., they held check pending transfer completion. Just wondered if that had changed.

I used Old Republic Title for my first Maui purchase, via the broker.
Could call or email and ask:
T: 808.522.0356 |
ckawachi@oldrepublictitle.com
 

DeniseM

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I would not call Marriott SALES - I would call their title office.
 

Renzo

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Not sales of course. Marriott Corp
 

dioxide45

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If Marriott will allow the loan to be assumed, then you could take over the loan as indicated in post #4. Are you going to carry the loan or pay it off right away? If you have the cash to outright buy the week, just do that. The closing agent will request a payoff amount from Marriott and send amounts from the sale to Marriott to pay the loan off so transfer can occur. Just like buying a house that has a mortgage against it.
 

Slinger

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Any Hawaiian title company would be familiar with the process, once you sort out the loan situation. Can you elaborate on LT? They have done a couple of Hawaii transfers for me using a poor man's escrow, i.e., they held check pending transfer completion. Just wondered if that had changed.

I used Old Republic Title for my first Maui purchase, via the broker.
Could call or email and ask:
T: 808.522.0356 |
ckawachi@oldrepublictitle.com

Yes. LT will no longer touch a transfer in Hawaii in which ANY $ changes hands. Per their attorney's suggestion. I too had done poor man's in the past. No dice any longer. I was even willing to pay the buyer directly without them touching the funds. Nope. They no longer do it. They are still my first choice for any timeshare deed transfer anywhere else.
 

Slinger

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If Marriott will allow the loan to be assumed, then you could take over the loan as indicated in post #4. Are you going to carry the loan or pay it off right away? If you have the cash to outright buy the week, just do that. The closing agent will request a payoff amount from Marriott and send amounts from the sale to Marriott to pay the loan off so transfer can occur. Just like buying a house that has a mortgage against it.

I could pay it off and buy it outright. Though, the loan would actually be easier for me, as it wouldn't dump my savings down to minimal levels. Only has 14 months/payment left. I guess it's time to call Marriott Title tomorrow.
 

Dean

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I could pay it off and buy it outright. Though, the loan would actually be easier for me, as it wouldn't dump my savings down to minimal levels. Only has 14 months/payment left. I guess it's time to call Marriott Title tomorrow.
As noted, you will need the lender's approval to do the transfer and thus be responsible for the loan. I'd be concerned about paying it off and then the deal not going through or losing it to ROFR. Doing this through a full service closing company will be your best bet but it will be a more expensive process. The best bet otherwise is to talk the seller into paying it off themselves then just buy it and you'll have more closing options that are likely cheaper. IMO it'd have to be a good enough deal to lose the payoff, pay the extra closing and still be worthwhile.
 

Slinger

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I did give the seller the option for him to pay it in full and then I pay him our agreed upon price. Not sure if he has the means or not. But that's one option for sure.
 
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