Will my grandkids be obligated to complete my timeshare agreement?

[timeos2]

I am experiencing this right now. We inherited my mother- in- laws's house a year and a half ago, just before everything really crashed. We have had it on the market for over a year. We have lowered and lowered the asking price, but every deal we have had has fallen through, because people just can't get mortgages. The house had a mortgage on it & with the taxes, it is costing us $1,900 a month plus utilities, ect. My mother-in-law would never in a million years have guessed what a burden this would have turned into.

You really expect anyone to believe that you inherited her mortgage? I could believe you if you were trying to sell the house for the estate and you were an executor - but you can't inherit a house with a mortgage in someone else's name. You would have no legal responsibility (unless you were on the mortgage already, which is something you might be failing to disclose - and in that case, it would have already been your house)

You don't inherit a mortgage. The bank cannot transfer the obligation to another family member not already on the deed. But the mortgage does stay with the property. So if you are the designated heir that mortgage has to be satisfied by the estate, or you or reaffirmed by the new owner. It doesn't just magically disappear at the death of the original owner.

So while the OP may not be personally liable for the mortgage the inability to sell the property means the estate is being reduced each month by the required payments and cannot be finalized. It seems the money is flying away every month I'd guess.

 

[oregonguy]

So if you are the designated heir that mortgage has to be satisfied by the estate, or you or reaffirmed by the new owner. It doesn't just magically disappear at the death of the original owner.

Well, of course. I never stated the mortgage would disappear - just that you can't inherit a mortgage. If you do nothing in this situation, the house will be foreclosed on and you will lose the house (even if you are on title) - you are also responsible for property taxes regardless whether you are on the title or not. For estate planning purposes, it seems to me that shared title houses are a bad idea.

 

[oregonguy]

No comparison in price but the obligation you sign on for IS the same. In most cases there is deed on file with the local registrar just as there is for a home. The rights and obligations are the same. The value does impact those but does impact the owners ability to sell and the desirability of the deeded ownership to a buyer. But none of that change what you paid to own and the legal obligations you agreed to. Until someone else agrees to take it over you or your estate if you're gone are responsible.

You do a very good job at bringing up points to argue that were never made in the first place. This is the second post to me where you do this. I never made the argument that both aren't deeded and registered. There is a world of difference between the two, try selling a timeshare compared to a condo.