Posted on: 11th Feb, 2009 09:31 am
I want to know what forms would effective release me from a time share co-ownership with a lein?...I have a time share with an ex-boyfriend and would like to give up responsibility for the time share to him. He's been paying on the loan and I have not. It has been about 5 years since the start of the loan. I live in Arizona. The timeshare is located in Maricopa County where I reside. I do not want any financial gain, I simply want to be rid of the responsibility for the timeshare and the loan on it. Will a quit claim form take me off of everything or is there something else i need to do?
hi savanna,
a quitclaim deed can help you get rid of the responsibility for the timeshare as it will transfer your share of interest in the timeshare to your ex-boyfriend. but this will not relieve you from the loan on it. to get rid of the loan liabilities you can ask your ex to refinance it in his name nad pay off the current loan. you can also ask him to sign a novation which will replace you, as the borrower with your ex, as the new borrower who will take up the loan liabilities.
a quitclaim deed can help you get rid of the responsibility for the timeshare as it will transfer your share of interest in the timeshare to your ex-boyfriend. but this will not relieve you from the loan on it. to get rid of the loan liabilities you can ask your ex to refinance it in his name nad pay off the current loan. you can also ask him to sign a novation which will replace you, as the borrower with your ex, as the new borrower who will take up the loan liabilities.