Legal Question in Real Estate Law in Florida

timeshare foreclosure

My deceased parents left me with a Florida timeshare property which is useless to me. Since the deed remains in their name, I cannot use, exchange, sell, rent, donate or even claim property taxes unless I hire an attorney in Florida to change the deed in my name at around a $1500 cost, which is to much to pay for the actual timeshare property value. In my parents ''blanket'' living trust, it stated that my brother received a small cash portion of the estate and I, as the executor trustee got the rest. No where in their trust did it specifically name my parents assets, including the timeshare. The timeshare is completely paid for and I've been keeping up with the maintenance fees and taxes (in my parents name) since my mom passed away two years ago, but since I cannot use the property, paying taxes and maintenance fees is like throwing money away. I can't find anywhere in the timeshare resort booklet of rules where I could be responsible as the heir to my parents timeshare responsibilities. My question is, if I stopped paying the maintenance fees and taxes and the timeshare went into foreclosure, would I as the trustee be responsible for this property? And would it destroy my credit rating, even though I'm not the deeded owner?


Asked on 9/15/08, 4:34 pm

2 Answers from Attorneys
David Slater David P. Slater, Esq.

Re: timeshare foreclosure

no

Read more
Answered on 9/15/08, 4:43 pm
William Gwaltney William W. Gwaltney, Attorneys at Law

Re: timeshare foreclosure

Your credit will not likely be affected unless you are somehow on the mortgage or deed. If you probate your mom's estate you should be able to have someone else placed on the deed and then you can sell the interest or at lease use the property.

Read more
Answered on 9/15/08, 9:34 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Florida