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Timeshare foreclosure

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by expo620, Sep 15, 2008.

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  1. expo620

    expo620 Law Topic Starter New Member

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    My deceased parents left me with a Florida timeshare property which is completely useless to me. Since the deed remains in their name, I cannot use, exchange, sell, rent, donate or even claim property taxes unless I hire an attorney in Florida to change the deed in my name at around a $1500 cost, which is to much to pay for the actual timeshare property value. In my parents "blanket" living trust, it stated that my brother received a small cash portion of the estate and I, as the executor trustee got the rest. No where in their trust did it specifically name my parents assets, including the timeshare. The timeshare is completely paid for and I've been keeping up with the maintenance fees and taxes (in my parents name) since my mom passed away two years ago, but since I cannot use the property, paying taxes and maintenance fees is like throwing money away. I can't find anywhere in the timeshare resort booklet of rules where I could be responsible as the heir to my parents timeshare responsibilities. My question is, if I stopped paying the maintenance fees and taxes and the timeshare went into foreclosure, would I as the trustee be responsible for this property? And would it destroy my credit rating, even though I'm not the deeded owner? If it helps, the timeshare is Alhambra, located in Poinciana, Florida and I live in Michigan. Any advice you can give me would be a great help. Thanks!
     

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