March 10th, 2009 by Questions
I own a time share in Florida with another person. I initially helped pay into it but the other person has paid the maintenance fees for years. Would this be lost? I would feel terrible if they had to forfeit their portion due to my situation.
Posted from: British Columbia
One Response to “time share”
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March 10, 2009 at 8:11 am, A licensed trustee said:
Instead of surrendering their portion I suspect they will be asked if they want to “buy” your share. You need to try and determine what the current value of the time share may be and then ask the other person if they want to buy your half. This happens fairly regularly in bankruptcies – contact a local trustee and they can explain what paperwork is required and how much of the fair vlaue the buyer nees to pay. I suspect the trustee will offer them a very good deal (ie less than yuor half is actually worth).