Can I get my wife off a loan as a co-signer for her mom’s timeshare?

Get Legal Help Today

 Secured with SHA-256 Encryption

Can I get my wife off a loan as a co-signer for her mom’s timeshare?

Her mother was told she was adding her daughter as a beneficiary. No disclosures were provided to my wife. The timeshare is through a vacation club.

Asked on January 15, 2011 under Real Estate Law, Illinois

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

I am a bit confused here.  Someone can not just "add" you on to a loan for anything.  You have to co-sign the loan and that usually requires an application and a credit check, etc.  So I do not think that that is what your Mother in Law is doing.  The timeshare/vacation club has ceated the ability to allow their participants to transfer ownership to another party upon their death without the necessity of proceeding through probate.  That is what a beneficiary form does.  You need to sit down with your wife and your Mother in Law and a estate planner.  See what the real deal is here, what fees are involved, etc.  Contact the vacation club yourself if you are worried about the "fine print" so to speak.  Good luck. 


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption