Compare Mortgage Quotes

scrane · Joined: 21 Nov 2009 Posts: 1 1.42 Dollars($)

My husband and I have joint ownership at present in a timeshare with his sister and her husband.
Back in Feb 2009 they filed Chapt 13 and supposedly "surrenedered" the timeshare property, which we were never made aware of. They are no longer making any pymts of the $500 and we have been trying to request our timeshare mortgage co to downgrade our unit to a smaller one to lessen the burden on our end since I am unemployed and only my husband is working. The problem seems to be with their names still on the title so mortgage co is unable to help us. Because the sister will not communicate with us since this event, what can we do?
The mortgage co would require us to assume the mortgage in our names only in order to even discuss the possilbility of downgrading our unit, which is desperately needed. please advise what actions we need to take to make this happen to benefit us in a situation that we did not anticipate. your suggestions would be greatly appreciated to this matter.

adonis · Posted: Mon Nov 23, 2009 12:25 am Post subject:

Hi scrane,

If a person files Chapter 13 bankruptcy, he won't be able to surrender the property to the lender. Rather, the lender would give the borrower a repayment plan based on which the borrower needs to clear off the dues within 3-5 years.

It is true that the lender would want you to transfer the property solely in your name and assume the mortgage in order to modify your loan or downgrade your unit. I would suggest you to contact the sister and her husband and request them to sign a quitclaim deed in your favor.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Compare Mortgage Quotes

Need joint owner to sign off timeshare

Helpful References

Our Community

Community Rewards

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1