Have to sell DVC!

[CoMickey]

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]

I'm so sorry to hear that
I hope everything else goes ok for you.

 

[megrod74]

--double post--

 

[rsschneck]

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]

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

 

[dianeschlicht]

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]

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]

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]

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]

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]

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?


Hang in there.

 

[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.

 

[spiceycat]

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]

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]

What a bummer!!!!!

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

 

[TheRustyScupper]

Originally posted by spiceycat
. . . some men are just . . .

But, some of us are nice people !!!

 

[Coach Rick]

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]

I am very sorry that you have to go through this.

 

[msdis]

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.

 

[dianeschlicht]

I think you need some quick legal advice about this. If DVC was part of the divorce settlement, How can he still claim it?