I have a tax lien - Can I still become a Disney Vacation Club member?

[tron79]

Please don't judge me, I just need the question answered.

I have a lien that attaches to any mortgage property I buy like a house (let's call it a tax lien for sake of this question, even though in reality the situation is different). I currently don't own a house and rent because no bank will sell me a home as long as the lien is against me. It's a large lien that will take many years to pay off.

Can I become a Disney Vacation Club member? Is being a member like owning any other type of mortgaged property? Does DVC do a "title search" to discover your liens?

Please don't judge me, I just need the question answered from someone who knows the answer.

Thanks!

 

[TheRustyScupper]

Can I become a Disney Vacation Club member? Is being a member like owning any other type of mortgaged property? Does DVC do a "title search" to discover your liens?

1) You should be OK.
2) Disney does not sell you a titled land interest.
3) It is actually an interest in a lease.

Think of it as a loan for a leased car versus a loan for an owned car.

 

[tron79]

1) You should be OK.
2) Disney does not sell you a titled land interest.
3) It is actually an interest in a lease.

Think of it as a loan for a leased car versus a loan for an owned car.

Thank you very much. Perfect answer and straight to the point.

 

[CarolAnnC]

Please don't judge me, I just need the question answered.

I have a lien that attaches to any mortgage property I buy like a house (let's call it a tax lien for sake of this question, even though in reality the situation is different). I currently don't own a house and rent because no bank will sell me a home as long as the lien is against me. It's a large lien that will take many years to pay off.

Can I become a Disney Vacation Club member? Is being a member like owning any other type of mortgaged property? Does DVC do a "title search" to discover your liens?

Please don't judge me, I just need the question answered from someone who knows the answer.

Thanks!

You will need to consult with your attorney as the law will vary from state to state (including Florida). This is really not a question that you will find the correct legal answer to here on the DIS.

It is my opinion that Disney will not finance you as the government (IRS) will apparently want to attach the lien to your DVC ownership as well. And yes, it is considered a "mortgage" and hence the interest paid on such may be tax deductible. Obviously, if you default Disney would want to be the first in line to take back the ownership. But again, I am not a lawyer in real life, I only play one on TV!

 

[DVCconvert]

....This is really not a question that you will find the correct legal answer to here on the DIS.....

WHAT !!????????

But I thought us dis'ers knew everything....had ALL the answers!!!

 

[tron79]

Just spoke with a DVC Guide and he said that they only look at your credit report, nothing more. It takes them 3 minutes to make the decision. From what it sounded like, liens do not affect the purchase of a DVC timeshare.

 

[kathie859]

Tax liens are often reported on your credit report and can affect your credit score.

 

[fireflymedic]

Just spoke with a DVC Guide and he said that they only look at your credit report, nothing more. It takes them 3 minutes to make the decision. From what it sounded like, liens do not affect the purchase of a DVC timeshare.

sounds like you can find out in about 3 minutes

 

[MFMont]

DVC requires 20% dp. As long as you come up with the 20%, ithey will take just about anyone. I am sure they have made it so they can not loose.

 

[Dean]

Please don't judge me, I just need the question answered.

I have a lien that attaches to any mortgage property I buy like a house (let's call it a tax lien for sake of this question, even though in reality the situation is different). I currently don't own a house and rent because no bank will sell me a home as long as the lien is against me. It's a large lien that will take many years to pay off.

Can I become a Disney Vacation Club member? Is being a member like owning any other type of mortgaged property? Does DVC do a "title search" to discover your liens?

Please don't judge me, I just need the question answered from someone who knows the answer.

Thanks!

If you were to finance, DVC does so as a mortgage. You might be able to get the loan but the lien might then take over and could force you to sell it. I agree with others, you need to talk to a tax attorney before you do anything. In spite of your plea, I find it difficult to see how anyone could look at buying a luxury purchase in such a situation, much less finance it.

 

[ClarabelleCow]

In spite of your plea, I find it difficult to see how anyone could look at buying a luxury purchase in such a situation, much less finance it.

Remember OP asked not to be judged!!!

 

[Dean]

Remember OP asked not to be judged!!!

I'm not aware of any requirement to honor such a request though I didn't think of my post as a judgement but as a statement of reasonableness and common sense. If you or the OP do, so be it.

 

[tron79]

In spite of your plea, I find it difficult to see how anyone could look at buying a luxury purchase in such a situation, much less finance it.

You have no clue about my financial situation, why I have a lien (no it's not a tax lien), my past, or anything about me. I've had the lien for over 12 years now and I'm paying it off with a low monthly payment (0% interest and it doesn't appear on my credit report). The lien disappears in 8 years, regardless of whether it's paid or not. It makes zero financial sense to fully pay it right now if I don't have to. I have $0 debt with over $15k in available credit and two 2008 cars fully paid. I've got a wife and two kids, I own my own business with employees, have a high income, and have cash in the bank plus investments. The lien is my only personal financial hinderance.

Like I said, don't judge.

 

[nytimez]

Dang... it's like DVC smackdown in here!

 

[gmboy95]

I agree with dean.......how about you use your DVC purchase money to settle your lean?

 

[Dizny Dad]

 

[seashoreCM]

I have a lien that attaches to any mortgage property I buy like a house ... I currently don't own a house and rent because no bank will sell me a home as long as the lien is against me. It's a large lien that will take many years to pay off.

Can I become a Disney Vacation Club member? Is being a member like owning any other type of mortgaged property? !

Disney Vacation Club would love to have you as a member.

So much that, unless your bill paying record is terribly bad, DVC will let you join at the same rate as someone with a perfect credit score (800?) and without such a lien. Now DVC probably will pull your credit report and they may start offering you membership at a higher rate reflecting a higher interest rate to "finance" your membership. But if you did your homework, you knew what lower rate your friend joined* for, and you proposed that as an alternative to not joining, DVC will accept your proposal instead of letting you walk out disappointed.

Joining DVC can require the help of an attorney. You need to understand your membership contract and rules, and know that your rates don't escalate faster than another member's rates a year or two later because of your credit score or liens.

* Excluding "resales" (memberships acquired from other members or from independent brokers).

 

[Dean]

You have no clue about my financial situation, why I have a lien (no it's not a tax lien), my past, or anything about me. I've had the lien for over 12 years now and I'm paying it off with a low monthly payment (0% interest and it doesn't appear on my credit report). The lien disappears in 8 years, regardless of whether it's paid or not. It makes zero financial sense to fully pay it right now if I don't have to. I have $0 debt with over $15k in available credit and two 2008 cars fully paid. I've got a wife and two kids, I own my own business with employees, have a high income, and have cash in the bank plus investments. The lien is my only personal financial hinderance.

Like I said, don't judge.

I'm glad you have things on the right track. Regardless, I find it difficult to imagine such a luxury purchase with your stated situation but then I don't feel financing a timeshare is reasonable in most any situation. Only you know the specifics and must make your decisions.

 

[marynvince]

You have no clue about my financial situation, why I have a lien (no it's not a tax lien), my past, or anything about me. I've had the lien for over 12 years now and I'm paying it off with a low monthly payment (0% interest and it doesn't appear on my credit report). The lien disappears in 8 years, regardless of whether it's paid or not. It makes zero financial sense to fully pay it right now if I don't have to. I have $0 debt with over $15k in available credit and two 2008 cars fully paid. I've got a wife and two kids, I own my own business with employees, have a high income, and have cash in the bank plus investments. The lien is my only personal financial hinderance.

Like I said, don't judge.

A lien attempts to enforce an obligation to pay a financial debt that has been incurred and not paid. Whether or not you feel obligated to pay, "if you don't have to" is up to you. You ask not to be judged but make statements that inevitably lead others to judge. The unfortunate reality is that those of us that do pay, end up having to pay and cover for those that do not. And that is not fair in my opinion.

 

[jarestel]

Please don't judge me, I just need the question answered.

Unfortunately, your request is akin to asking cows not to moo. Good luck with your situation!