Posted on: 16th Oct, 2010 04:53 pm
my ex-wife and i have a timeshare in las vegas with rci resorts at the grandview. we recently divorced in april but stopped paying them in december. they want us to do a quit claim deed on it rather than foreclosing. the person i spoke with on the phone from rci said it would resolve all debts make the thing go away. was he telling the truth or are we making it easier for them to attack us with a lawsuit?
Hi peterhengel,
Unless the timeshare company refinances the mortgage in its name, the mortgage will not be removed from your name. Thus, though you quitclaim the property, you'll be liable for paying the balance loan amount to the lender.
Unless the timeshare company refinances the mortgage in its name, the mortgage will not be removed from your name. Thus, though you quitclaim the property, you'll be liable for paying the balance loan amount to the lender.