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View Full Version : Have to sell DVC!


CoMickey
07-15-2004, 09:54 PM
I have to sell my DVC points because of complications with my divorce which was final a year ago! I am so depressed! I don't know if I'll be able to buy again. We bought ours in 1997 and now the price has gone up and being a single mom I am not sure that I will be in the situation to buy again.

Thank goodness that my parents are still DVC members! They said I can use their points whenever I want....but it's not going to be the same because it won't be my name on the blue card.

Oh, well....life goes on!

Enjoy your DVC memberships!

Vicki

megrod74
07-15-2004, 09:57 PM
I'm so sorry to hear that:(
I hope everything else goes ok for you.

megrod74
07-15-2004, 09:57 PM
--double post--

rsschneck
07-15-2004, 10:13 PM
During a divorce items are usually split 50/50. When you sell a home the equity is split 50/50. We have had friends go through divorces and when one person wants the house they buy out the other person. Could you buy him out of his half of the points? Not sure if this is an option or even if it could be done. Just a thought. Sorry to hear of your divorce.

chris1gill
07-16-2004, 07:50 AM
If you can't buy him out, sell the points YOURSELF, there are all sorts of tips on doing that on this board... You'll save yourself a lot of money & that's money you can put down towards a resale... Also, can you keep any add on points & just sell the main contract, or do you only have the main contract? Just a thought on that... Also, you occasionally see resales for 50 or 60 points.. you could always start there!

Sorry to hear about the situation though :confused:

dianeschlicht
07-16-2004, 07:55 AM
Since most divorce liquidations require a 50/50 split, do you two have enough points that half the proceeds of the sale might qualify you for a small resale contract?

Mic
07-16-2004, 08:47 AM
DVC is the main reason I stay married!! My husband has not complained (too much) through 3 add-ons, because he knows I'd never let him have half my points! He jokes with the kids about me being married to him, but seeing "Mickey" on the side.
When things get a little tense between my husband and myself, he reminds me that throwing in the towel will result in him enjoying that tub at OKW with another woman!! That puts everything in a new perspective for me!
I am sorry to hear about you having to sell your contract. Perhaps you could "rent" the points for a few years to off-set the cost, while using your parents' points to get your Disney "fix". I am curious about one thing, though...why the issue with DVC a year after the divorce?

StormalongKay
07-16-2004, 09:44 AM
Vicki,

I'm sure divorce is hard enough without having to give up your DVC! But why can't Disney just divide your contract in half (or any other percentage you direct them to do)? I'm sure there would be an administrative fee involved, and the deed would have to be re-recorded into 2 new ones, but isn't it worth a shot?

Anyone else out there been divorced while owning DVC and divided up your points?

Dan Murfman
07-16-2004, 09:50 AM
Originally posted by StormalongKay
Vicki,

I'm sure divorce is hard enough without having to give up your DVC! But why can't Disney just divide your contract in half (or any other percentage you direct them to do)? I'm sure there would be an administrative fee involved, and the deed would have to be re-recorded into 2 new ones, but isn't it worth a shot?

Anyone else out there been divorced while owning DVC and divided up your points?

No way possible. They can't do it.

CoMickey
07-16-2004, 09:55 AM
Hi all,

Thank you so much for your support and ideas! You are all truly amazing in your kindness.

This is the short version of what is going on. In the divorce he got the boat and I got the DVC. Fair. But a year later with my ex not taking responsibility his finances is filing for bankruptcy. I still owe some on the DVC so until I paid it off I could not get his name off of it. And being a single mom with an ex that doesn’t even pay his child support I could not pay it off early. I called MS numerous times trying to find a way to get his name off of it. Since I couldn’t pay it off or find other financing…it is very difficult for women, especially a single mom to get a loan. So I kept paying on my existing loan knowing that I would pay it off in a year! Now that he is filing BK they will take the DVC club in the settlement because we have equity in it. So I was advised by my attorney to sell it so that I can get the money instead of it going to settle his BK.

I’ve thought a lot about what to do with the money and I have thought about buying a smaller contract but I might need that money to settle any other debt that he has that my name is linked to.

What a mess! Marriage can be difficult but this divorce stuff is very challenging! I keep telling myself that the DVC was a luxury for myself and my dd. Things could be worse. We are healthy and live a comfortable life. She is happy and does well in school….I am thankful for what I have and this will not stop me from going to WDW as much as we can! It was just special belong to DVC….

Thanks everyone for caring and for ‘listening’!

Vicki

floridafam
07-16-2004, 10:13 AM
I was advised by my attorney to sell it so that I can get the money

Can you even sell it if the contract has his name on it? :confused:


Hang in there.

TheRustyScupper
07-16-2004, 10:27 AM
As for the bankruptcy: (same thing happened to a lady friend)
. . . get a second legal opinion
. . . the other party has no "equity" if the decree specifies
. . . therefore he can't include your DVC in his bankruptcy

As for paying-off the DVC mortgage:
. . . if DVC mortgage, call them NOW
. . . they could possibly refinanced the contract under your name
. . . he would be released due to the decree
. . . then DVC could give YOU a loan on the outstanding balance


NOTE: I have known several people after divorce that could get their outstanding loans (where the spouse no longer has rights or equity entitlements) refinanced through the same loan company. Typically the principle has been reduced and the new loan is well collateralized by the equity. I would think this type of incidence is not new to DVC, so you might have a good chance. Additionally, the new payment might be low enough for you to afford it.

spiceycat
07-16-2004, 10:41 AM
some men are just......

I so sorry you are having such problems.

and believe me I certainly understand the not buying back because of the higher pricing....I don't think I could either.

but all of my DVC is in my name only - that could be problems too - but at least I won't ever have to go through what you are going through - I am so sorry....

chrissyk
07-16-2004, 11:59 AM
If you did buy a contract back via resale, you probably wouldn't pay much more than what you sold it for, except for closing costs. That's a plus, at least! I think that TheRustyScupper has some very valid points, though. I'm sure that this is a common occurance with DVC, and maybe they have a tried-and-true method of dealing with it. At the very least, call MS and see if they can direct you to someone who can help you get this straightened out, hopefully without selling the contract. Keep us updated...I have my fingers crossed for you.

debbiedoo
07-16-2004, 12:50 PM
What a bummer!!!!!

Wish you the best, eventhough you are having a rough time!!

TheRustyScupper
07-16-2004, 01:01 PM
Originally posted by spiceycat
. . . some men are just . . .

But, some of us are nice people !!!

Coach Rick
07-16-2004, 01:23 PM
augh shucks, that's just not fair. But then I am sure you know that..you sound very rational for a person who has gone through this. I sure hope it works out for you.

Patty3
07-16-2004, 02:11 PM
I am very sorry that you have to go through this.

msdis
07-16-2004, 03:27 PM
Originally posted by TheRustyScupper
As for the bankruptcy: (same thing happened to a lady friend)
. . . get a second legal opinion
. . . the other party has no "equity" if the decree specifies
. . . therefore he can't include your DVC in his bankruptcy

As for paying-off the DVC mortgage:
. . . if DVC mortgage, call them NOW
. . . they could possibly refinanced the contract under your name
. . . he would be released due to the decree
. . . then DVC could give YOU a loan on the outstanding balance


NOTE: I have known several people after divorce that could get their outstanding loans (where the spouse no longer has rights or equity entitlements) refinanced through the same loan company. Typically the principle has been reduced and the new loan is well collateralized by the equity. I would think this type of incidence is not new to DVC, so you might have a good chance. Additionally, the new payment might be low enough for you to afford it.


I agree. I deal with BK too and the only way this will get "included" in BK is if the loan is in his name AND he includes it. If there is a divorce decree then you have legal rights to it. If there is a mortgage issue and it falls behind then as far as the lender is concerned, you both still owe and one would have to fight the other in court to make them pay. Banks and other lenders don't care who pays and the only way out of that obligation is to refi or take the other back to court. As far as his name being on it, yes you would need to refi in order to get his name off. Look in the registry of deeds. There should have already been a filing from the courts on this. That is your out. And I agree about the equity being there for a refi. I'm crossing my fingers it's with Disney as I think your chances are good. Call the legal dept at DVC. They will at least know Fl. laws, bk and forclosure issues too. Would your parents be able to help you out?

My DH knows, we ever get divorced my DVC is all mine I tell you, ALL mine. LOL!!!


Wishing you the best. Keep us posted. You have a whole cheerleading team here. :cheer2: :cheer2: :cheer2: :cheer2: :cheer2:

dianeschlicht
07-16-2004, 03:39 PM
I think you need some quick legal advice about this. If DVC was part of the divorce settlement, How can he still claim it?

garylpn
07-16-2004, 04:53 PM
GET A SECOND LEGAL OPINION NOW!!!!
i seriously doubt you are liable for debts and obligations post divorce and if it's yours as part of equitable distribution of common property then i would believe that you would only have to pay filing fees to change the deed
i would not start thinking sale until exploring all avenues including checking with dvc legal department, if ex renounced ownership then i can't see how it can be considered a seizable asset for bankruptcy

pirate:

Dean
07-16-2004, 05:00 PM
Originally posted by spiceycat
some men are just...... NO, some people are bad, men and women.

CoMickey
07-16-2004, 05:28 PM
Thank you all!

You have all given me great advice and I already have made phone calls, however, being Friday I have not been able to talke to anyone.

I am willing to try anything to be able to keep my DVC!

I'm keeping a positive outlook that there is something that will work out in my favor.

You all have shown such kindness....thank you all so much!

I hope you all have a wonderful weekend and I'll keep you posted.

Vicki

Desperado
07-16-2004, 11:18 PM
Originally posted by Dean
NO, some people are bad, men and women.
Unfortunately. But it's certainly not confined to one gender.

manning
07-17-2004, 01:31 AM
Coming from a guy........Stick it to him. Get another lawyer.

starwood
07-17-2004, 06:37 AM
pixie dust to keep your DVC

from a new owner.
http://pages.prodigy.net/indianahawkeye/newpage30/6.gif

kathleena
07-17-2004, 07:14 AM
So very sorry that you have to go through this! Sending good thoughts your way.............

And i'm in agreement with the folks here - this should not be included in his bankruptcy - unless HE does it. Per your divorce decree - sounds like HE is NOT entitled to do that.

The only way DVC would even care is if the mtg payment is late and that's under your control.

And as far as the loan goes - if the payments were late, then everyone one on the loan gets the bad credit rating. Although the divorce can divide the property - it can't prevent that - the only thing that will is a refinance.

And for a loan to a single mom - discrimination on the basis of sex and source of income is illegal !!!!!!!!!!!!!!!!! You choose to disclose your source of income. Technically, they have no way to verify if he is paying you or not. I believe that if you list it - they need to consider it.

Good luck.

idratherbeinwdw
07-17-2004, 09:25 AM
I have been divorced since 2001, the ex had emotional problems that got more severe with time, and after 19 years I had no choice but to end it. I had wanted to join DVC for years but he wasn't into it. I bought on my own and now my two DD's and I can enjoy DVC for many years to come.

To the OP: I am so sorry to hear about your DVC problems due to the divorce and I hope the advice of others on the board helps you maintain your ownership. It's hard enough to be a single Mom, WDW trips are such a great escape from the stress and responsiblities of single parenting. Good Luck, I have my fingers crossed that next week after you make those phone calls you'll be back posting you were able to keep your membership.

:wave2: :flower3: :rose: ::yes::

P.S. As for men (or women!) who refuse to pay child support--there should be a special place in hell for those "parents"!

Terry S
07-17-2004, 09:30 AM
Vicki, good luck! I hope you get some positive results from your phone calls! Keep us posted.

rinkwide
07-17-2004, 11:22 AM
Originally posted by spiceycat
some men are just......

...good fathers and loving husbands.:)