Separation after DVC membership

[Dwhite1282]

Good day this sucks writing this just looking for exactly information. My fiance and I signed up for DVC membership and have been members for almost a year. We both signed up and unfortunately did not get married and broke up few weeks ago due to her needing therapy for last events. I do not want to be on the DVC any more and was wondering how to get myself removed as an owner . My fiance loves Disney and goes 3 times a year so I know she will take fill ownership. Again apologies if I am not wordinf this right .

 

[FFMickey]

You would have to change the deed to remove yourself. Both parties will need to sign off on it and there can be no mortgage associated with that deed. It might be easier to sell the contract and she can buy a new contract. Sorry to hear about your circumstances.

 

[Dwhite1282]

Thanks for the quick response and yes might be easier to sell the contract . Thanks yes didn't expect circumstances like this.

 

[kniquy]

Good day this sucks writing this just looking for exactly information. My fiance and I signed up for DVC membership and have been members for almost a year. We both signed up and unfortunately did not get married and broke up few weeks ago due to her needing therapy for last events. I do not want to be on the DVC any more and was wondering how to get myself removed as an owner . My fiance loves Disney and goes 3 times a year so I know she will take fill ownership. Again apologies if I am not wordinf this right .

If you have a mortgage on the property then changing the just the deed isn't possible. She would probably have to refinance and put it into her name only and then you might be able to change the deed. If it is free and clear of any loans then you could just go through a change in the deed (might cost a few hundred) and remove your name from it. There are some threads on the boards which goes through the steps to do this.

 

[CarolynFH]

Sorry to hear about this - it must be very difficult for you. As PPs have told you, if there's a mortgage or loan outstanding on the purchase, that has to be taken care of first - you can Google "financing timeshare purchase" for names of companies that might loan your former fiancee the money to pay off the Disney loan. If there's no mortgage, there's a detailed thread here, https://www.disboards.com/threads/s...xisting-contract-gratuitous-transfer.3701707/, that explains how to add names to a DVC deed; the process would be similar for removing a name. Or you can pay a timeshare title company (my family has used LT Transfers, www.lttransfers.com) to do the work for you, but again, any mortgage has to be paid off.

 

[Deb & Bill]

Or you can just let it go back to Disney and lose what you already put into the cost.

 

[mustinjourney]

if you paid cash, then you can sign a quit claim deed and she can give you a cash payment for your half.

 

[gharter]

I would agree that the cleanest and easiest is to sell the contract, split the money however it was paid. Then let her purchase a new contract just in her name. I don't think trying to remove your name is liable to end up a clean way to easily get your name off the deed.

 

[bumbershoot]

I’m so sorry.

My fiance loves Disney and goes 3 times a year so I know she will take fill ownership.

That is very kind of you.

I don't think trying to remove your name is liable to end up a clean way to easily get your name off the deed.

If there’s no mortgage it’s totally clean and easy.

My ex gave me the deed to DVC doing just that. We went through LT Transfers, it cost about $200 and took about a month. Could not have been easier.

 

[Dwhite1282]

Thanks so much everyone for your input. I also looked into other topics as well. Unfortunately there is a mortgage on the deed so this is as complicated as it gets. There is options but won't be smooth sailing

 

[ScubaCat]

Thanks so much everyone for your input. I also looked into other topics as well. Unfortunately there is a mortgage on the deed so this is as complicated as it gets. There is options but won't be smooth sailing

I agree with prior posters and would just sell the deed for that circumstance. It's certainly easy enough to buy back in if/when the time is right for either of you.

Good luck...

 

[Deb & Bill]

The only problem with selling your points after owning them such a short time is that you undoubtedly will come up short and have to add money to the money you get selling the contract to pay it off. When you sell, if you use a company to sell it, you owe them a commission. That's why I suggested just letting it go to foreclosure.

 

[sndral]

Thanks so much everyone for your input. I also looked into other topics as well. Unfortunately there is a mortgage on the deed so this is as complicated as it gets. There is options but won't be smooth sailing

Sorry about the break up, hoping this painful ending turns into a new beginning for you.
Who is paying the mortgage now? Which resort do you own at? How many points? How much is still owed on the mortgage? If more is owed than you could get by selling, do you have the cash to pay the difference? Can your ex afford to pay for the DVC contract and qualify for a mortgage on her own?
Without knowing the answers to these questions, it’s hard to offer helpful suggestions.

 

[Jason@dvcstore]

Good day this sucks writing this just looking for exactly information. My fiance and I signed up for DVC membership and have been members for almost a year. We both signed up and unfortunately did not get married and broke up few weeks ago due to her needing therapy for last events. I do not want to be on the DVC any more and was wondering how to get myself removed as an owner . My fiance loves Disney and goes 3 times a year so I know she will take fill ownership. Again apologies if I am not wordinf this right .

I would call Disney at 1-800-800-9800 and ask them. They might be able to direct you in the direction you need to go depending on if you paid cash or financed the purchase. Assuming you and your fiance are still talking you should be able to get this resolved.

 

[rg35]

The only problem with selling your points after owning them such a short time is that you undoubtedly will come up short and have to add money to the money you get selling the contract to pay it off. When you sell, if you use a company to sell it, you owe them a commission. That's why I suggested just letting it go to foreclosure.

Foreclosure will negatively impact their credit score by a tune of about 100+ points, in addition to being a mark on their credit history for 7 years. Foreclosure should be a last resort.

 

[KAT4DISNEY]

Foreclosure will negatively impact their credit score by a tune of about 100+ points, in addition to being a mark on their credit history for 7 years. Foreclosure should be a last resort.

In the past DVC has not reported to credit bureaus. If they do now that is a change from past procedures.

 

[crvetter]

In the past DVC has not reported to credit bureaus. If they do now that is a change from past procedures.

They don't report yes. Though a judgement is filed publicly which does show on your credit report and any mortgagor or creditor will wonder what that public filing is and look into it.

Also they don't report the debt on a monthly basis though my guess is they report the foreclosure if it goes through. But not something likely easy to verify. It's important to remember a creditor can decide to report anytime they want even if they refrained from doing so initially.

 

[bumbershoot]

Might not be possible with DVC, but when my FIL died and his timeshare RV membership could not be afforded by any family members (plus the RV was broken down and it wasn't really worth it for tent camping), we called the timeshare place and just turned in the membership. No foreclosure, no judgments; we all just washed our hands of it. (It was SUCH a bummer, because me and my then-husband wanted it, but dues were due a month later and we simply could NOT afford it.)

 

[Dwhite1282]

Thanks for the words of advice everyone . Just update I spoke with my ex fiancee and she will keep paying it on her own and when it's paid off she will send paperwork to remove me from DVc paperwork.

 

[jerseyduke]

Thanks for the words of advice everyone . Just update I spoke with my ex fiancee and she will keep paying it on her own and when it's paid off she will send paperwork to remove me from DVc paperwork.

How long until its paid off?
If both of you maintain a healthy credit standing it will not be an issue, once it is paid off:

1. Call member services, and have them send you a form for a Gratuitous Transfer/Waiver of ROFR. Fill that out and sand send it back to Disney, they will then send you the ROFR Wavier.
2. File a Quit Claim Deed. I used an attorney for this, Jeffery Sweet in Ormond Beach. Good service and very reasonable in my option.

With the sounds of it, your ex fiance is the one running the risk. If she continues to pay on it, and you do not sign the Quit Claim Deed, she really has no legal claim to it being entirely hers.

I had one with an ex girlfriend. I paid the purchase price 100%. I paid 100% of the dues. I had trouble getting her to sign the Quit Claim Deed. Had a lawyer tell me, I would have to sue her, IN FLORIDA, and a judge could easily rule against me, and I would have more in legal fees than the thing was worth. (Luckily she signed)

Anyway, follow steps 1 and 2. You can obviously use any attorney you want (or even do it yourself). I just recommend someone I was happy with.