Ownership of a Timeshare After Bankruptcy
My question involves bankruptcy in the state of: Missouri
Okay, my relative that has already had their debts discharged some months ago (case is still open as house is being sold by the trustee) has now learned that the timeshare they included in their petition still lists them on the deed. Here is what was included in their petition:
Creditors holding secured claims:
Value of property: $500
Secured claim $800
Unsecured claim $300
(one of these amounts should include the HOA fees for this year. My relative was certain the mortgage on the timeshare was paid off decades ago, so I'm confused by the "secured" claim amount. I am asking the relative for supporting documentation that was submitted, since Pacer doesn't include it.)
Debtor’s statement of intent:
Property will be: Surrendered
Property is: Not claimed as exempt
I have verified that the timeshare organization was included on the distribution for Meeting of Creditors, Discharge of Debts, and the recent Case now has real property: file a claim. (this is a result of the house they are surrendering now having a sales contract with the trustee and buyers)
I've read about quit claim deeds and some organizations to donate timeshares. But with the talks I've had, my relative has led me to believe that the timeshare organization claims they have received no documentation of the bankruptcy -which concerns me they may be lying.
Any help or suggestions on how to proceed would be greatly appreciated.
Re: Ownership of a Timeshare After Bankruptcy
Quote:
Quoting
paralex
My question involves bankruptcy in the state of: Missouri
Okay, my relative that has already had their debts discharged some months ago (case is still open as house is being sold by the trustee) has now learned that the timeshare they included in their petition still lists them on the deed. Here is what was included in their petition:
Creditors holding secured claims:
Value of property: $500
Secured claim $800
Unsecured claim $300
(one of these amounts should include the HOA fees for this year. My relative was certain the mortgage on the timeshare was paid off decades ago, so I'm confused by the "secured" claim amount. I am asking the relative for supporting documentation that was submitted, since Pacer doesn't include it.)
Debtor’s statement of intent:
Property will be: Surrendered
Property is: Not claimed as exempt
I have verified that the timeshare organization was included on the distribution for Meeting of Creditors, Discharge of Debts, and the recent Case now has real property: file a claim. (this is a result of the house they are surrendering now having a sales contract with the trustee and buyers)
I've read about quit claim deeds and some organizations to donate timeshares. But with the talks I've had, my relative has led me to believe that the timeshare organization claims they have received no documentation of the bankruptcy -which concerns me they may be lying.
Any help or suggestions on how to proceed would be greatly appreciated.
They should have their attorney send another set of documents to the timeshare company.
Re: Ownership of a Timeshare After Bankruptcy
Okay. They can do this.
Now, about the ownership. They have a warranty deed in the timeshare (which did include their spouse at one time, but a quit claim was filed years ago naming just my relative mentioned). I'm seeing tons of conflicting information on getting their name removed, and ongoing obligations. Some sites state the if the petition records that the timeshare was surrendered then all future obligations are removed. However, other sites cite Section 523(a)(16) and that future HOA dues are still owed as long as the debtor is listed on the deed. I've also read about quit claim deeds being used by scams, donation sites (DFC, which charges thousands in fees) to remove the name from the deed, as the condo owners are unlikely to want to sell the timeshare itself, or allow a quit claim to transfer ownership back to themselves.
Bottom line. It seems the 2014 fees were correctly discharged. But how does one proactively go about getting their name off the deed?