Court is requiring me to sell timeshare

[rapmarks]

It is sad and frustrating when 2 people cannot use mediation to dissolve a marriage. It is normally cheaper than going to court.

They tried that, he wanted custody of three children so he could get support and leave them with his parents. He did not call or see or send a card for two years.

 

[Broke]

The monthly payments or the whole balance? I thought that was your problem.

Finding out what I've learned here there isn't any difference. It can't be sold for $12,000 or really any amount of money. So she will be responsible for half regardless.

 

[sdhakala7]

Believe it or not, I value businesses and occasionally do some valuation work related to marital dissolutions. I have valued timeshare companies and receivables and timeshare interests in the past. (I have been valuing businesses and business assets for over 25 years now.). In the 1990s, these interests did have some resale value (not a lot in most cases, usually 10% to 20% of original cost for fixed or flex weeks but more if points in a points system). Unfortunately, the market has cratered in the past 20 years, especially since 2007. You can go on Ebay and see timeshares sold (and not sold) for $1.00, $100, or $1000 asking prices. The same on TUG. Listings for sale are usually not much more than wishing in reality and are not reliable.

It is sometimes hard to believe that something people pay $15K, $20K or even $30K for in a sales presentations by a significant company might be worth only cents on the dollar when resold, but that is the reality of an inefficient and illiquid market where too many people currently want to get rid of their timeshares just to avoid the hassle (including credit rating damage for non-payment) and cost of the annual maintenance fees (plus the exchange and other fees if they want to actually use the timeshare but exchange for different dates at the same or other resorts). Unless the timeshare is in a prime or highly desirable location (and/or particularly desirable time of the year) with a more limited supply of timeshares available for use or exchange (high points value for exchanges on RCI or II) and has more reasonable annual maintenance fees, it will typically be hard to sell for any significant amount currently. There are just too many affordable alternative rental options now in the market to make the upfront costs and commitment to annual maintenance fees worthwhile for many people.

If you list the timeshare on Ebay and then the other listing sites (which list for a nominal fee or only charge you based on successful sale) and cannot find a buyer, then it may even make sense to "quit claim" the unit if they will allow it after the debt is paid off. You might investigate entities that will do the closing services for you and the buyer (often the buyer will pay to close and assume the maintenance fees).

 

[LannyPC]

Believe it or not, I value businesses and occasionally do some valuation work related to marital dissolutions. I have valued timeshare companies and receivables and timeshare interests in the past. (I have been valuing businesses and business assets for over 25 years now.). In the 1990s, these interests did have some resale value (not a lot in most cases, usually 10% to 20% of original cost for fixed or flex weeks but more if points in a points system). Unfortunately, the market has cratered in the past 20 years, especially since 2007. You can go on Ebay and see timeshares sold (and not sold) for $1.00, $100, or $1000 asking prices. The same on TUG. Listings for sale are usually not much more than wishing in reality and are not reliable.

It is sometimes hard to believe that something people pay $15K, $20K or even $30K for in a sales presentations by a significant company might be worth only cents on the dollar when resold, but that is the reality of an inefficient and illiquid market where too many people currently want to get rid of their timeshares just to avoid the hassle (including credit rating damage for non-payment) and cost of the annual maintenance fees (plus the exchange and other fees if they want to actually use the timeshare but exchange for different dates at the same or other resorts). Unless the timeshare is in a prime or highly desirable location (and/or particularly desirable time of the year) with a more limited supply of timeshares available for use or exchange (high points value for exchanges on RCI or II) and has more reasonable annual maintenance fees, it will typically be hard to sell for any significant amount currently. There are just too many affordable alternative rental options now in the market to make the upfront costs and commitment to annual maintenance fees worthwhile for many people.

If you list the timeshare on Ebay and then the other listing sites (which list for a nominal fee or only charge you based on successful sale) and cannot find a buyer, then it may even make sense to "quit claim" the unit if they will allow it after the debt is paid off. You might investigate entities that will do the closing services for you and the buyer (often the buyer will pay to close and assume the maintenance fees).

Yep. Pretty much everything you said many have said here on TUG for ages many times over. I do question, however, your "quit claim" statement. A lot of people have a misunderstanding of what a Quit Claim Deed (QCD) really is. They think that it's something you sign, send back to the resort, and then that will automatically make it a possession of the resort. A QCD is a little different

Are you meaning to say a deed back? If so, then you are right that the resort will only take it back after all the MFs and mortgage are paid up. And even then, the resort (actually, the resort's Homeowners' Association) may or may not do so. It has to be agreed upon by the HOA.

 

[bogey21]

Every time you bring something with an attorney, it costs a lot of money. My daughter will sign divorce papers next week, three years and forty thousand dollars since she filed. All she got out of it was release from the numerous debt he kept running up in her name and supposed child support, which she doesn't get because he doesn't work.

Another reason to do it yourself if you can. When my Son and his wife amicably divorced I looked in the classified ads in our local Fort Worth, TX newspaper and found a Mexican lawyer who prepared the necessary papers for $35. After they both signed he took it to the Courthouse, paid the filing fee and was done. Total cost was around $50. Who knows what it would have cost if they both had lawyers?

George

 

[VacationForever]

Another reason to do it yourself if you can. When my Son and his wife amicably divorced I looked in the classified ads in our local Fort Worth, TX newspaper and found a Mexican lawyer who prepared the necessary papers for $35. After they both signed he took it to the Courthouse, paid the filing fee and was done. Total cost was around $50. Who knows what it would have cost if they both had lawyers?

George

Besides Mexican lawyer being way cheaper, the issue is whether the divorce is amicable or not. When one is a deadbeat, in this case, the ex-son-in-law, the process to get it done can get really expensive.

 

[Talent312]

A Judge I knew said, "The civil law is a bit of a misnomer. There's not much 'civil' about it."

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But my ex and I did not use lawyers, just forms from the courthouse, signed-filed-done.
I was lucky that she felt guilty enuff to sign a settlement agreement w/o a quibble.

.

 

[rapmarks]

Another reason to do it yourself if you can. When my Son and his wife amicably divorced I looked in the classified ads in our local Fort Worth, TX newspaper and found a Mexican lawyer who prepared the necessary papers for $35. After they both signed he took it to the Courthouse, paid the filing fee and was done. Total cost was around $50. Who knows what it would have cost if they both had lawyers?

George

A stock broker I used to use said when there is money involved, each lawyer will make sure he gets 10 percent