Legal Question in Real Estate Law in New Jersey
time share loan
my ex-boyfriend & I purchased a time share together. We are both on the deed and the mortgage. He wants to keep the time share. Will a quick claim deed take me off the loan as well as the deed?
1 Answer from Attorneys
Re: time share loan
No. It would likely, however, have the undesirable effect of not only making a gift to your ex of your half of the timeshare but also accelerating the note and permitting the lender to declare the entire amount due at once.
Get your ex to buy you out. If he won't do that voluntarily, you should sue for a "partition" of the property which is a somewhat inaccurate way to describe a way to get a court order a sale and division of the proceeds (after paying the note).
See also: http://info.corbettlaw.net/lawguru.htm
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