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

[lilpooh108]

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!

It sounds like you have a judgment lien out there against you, and you have made an arrangement with the judgment creditor to pay off the lien in installments, without interest accruing, with satisfaction of the judgment in 8 years, etc.

DVC will pull your credit history and report, but I'm unaware of them pulling title searches against you. If I'm right, and you have a judgment lien, it will likely show up on your credit report anyway. In this day and age, where DVC is foreclosing on many memberships, they might be doing title searches just in case and they will see the judgment lien. (I haven't spoken to my guide in a while.)

Why don't you consider resale? It will cost you 50% or less depending on what property you buy. That way you don't have to finance.

 

[JimMIA]

Why don't you consider resale? It will cost you 50% or less depending on what property you buy. That way you don't have to finance.

Because the creditor could go after the DVC holding if they found out about it...which wouldn't be very difficult. If it was paid for, they could then sell the DVC contract and recoup some of their debt.

If OP buys direct and finances, they will be underwater the day they close and the DVC holding would not be as attractive a target for the creditor, although they could still go after it.

 

[JimMIA]

The lien disappears in 8 years, regardless of whether it's paid or not.

Or...the creditor will just renew the judgement and get a new lien. If it's for any significant amount of money, the creditor is not going to just fade away.

 

[Cajun28]

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.

First, I'll say I have no dog in this fight and my basic philosophy is it's your money, you earned it and it's not my place to tell you how to spend it.

That being said I'd like to point one thing out in defense of Dean, the title of your original post is:

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

So it was your post title that gave the impression it is a tax lien.

 

[lilpooh108]

Because the creditor could go after the DVC holding if they found out about it...which wouldn't be very difficult. If it was paid for, they could then sell the DVC contract and recoup some of their debt.

If OP buys direct and finances, they will be underwater the day they close and the DVC holding would not be as attractive a target for the creditor, although they could still go after it.

As you can see, I don't have a criminal mind and did not think of these very good points.

 

[JimMIA]

As you can see, I don't have a criminal mind and did not think of these very good points.

I don't have a criminal mind -- just a professional interest in understanding criminal minds.

 

[Dizny Dad]

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

Moo

 

[AllieV]

Maybe you've thought of this, but why don't you put the DVC in your wife's name? Assuming, of course, the lien is only for your social security number and not hers.

 

[rentayenta]

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

DH is reading over my shoulder and I said, as I noticed the title, that not judging will be impossible for some.


Good luck on your purchase OP.

 

[Dean]

DH is reading over my shoulder and I said, as I noticed the title, that not judging will be impossible for some.


Good luck on your purchase OP.

Actually I feel that not addressing the question of appropriateness, at least in general terms, would be unreasonable which is why I addressed the question in as general terms as I know how given the circumstances.

 

[Disney Dreams]

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.

How about making sense in terms of social responsibility and not just leaving wreckage in your trail with a "who cares?" attitude? How about being a good example to those two children by taking responsibility and paying your debts?

Wouldn't it be great to be able to post: "I've got a wife and two kids, I own my own business with employees, have a high income, have cash in the bank plus investments, am a DVC owner/member and have no personal financial hinderances from which I need to run or hide."?

- Dreams (who feels any one of us who has been paying higher interest rates and receiving lower interest on investments due to those who failed to take financial responsibility over the last few years has the right to judge a little)