2 ms·

I know it's going to be highly dependent on state law, and I'm sure at least one state in the union has some kind of backwards law facilitating the inheritance

I know it's going to be highly dependent on state law, and I'm sure at least one state in the union has some kind of backwards law facilitating the inheritance of debts. I'm asking about general concepts, because it feels like a lot of the lay advice plays loose with the actual semantics. For example, there is a Nerdwallet article linked above that says you might want to file a disclaimer of interest. But the disclaimer of interests I'm familiar with mean estate law continues to operate as if you have already passed away - meaning the same dynamic would just land in the laps of your greater family. The mortgage framing is really the same question - can a mortgage lender get a judgement for loan balance and costs above auction value from someone who didn't sign the mortgage note? Let's say you're transferred a claim to a mortgaged piece of real property through operation of estate law, deed of executor, or even deed from the living owner. Are you somehow obligated for the entire amount of the loan, beyond your desire to not have your interest foreclosed upon? Talking about social credit reports is a bit of a red herring. If it isn't a valid debt, then it wouldn't be legitimate for someone to add it to the financial surveillance records about you. And yes I know these timeshare operations are quite adept at using extralegal pressure to goad people into doing foolish legally-binding things, but I'm talking about what's strictly legal.

toast0 3y ago
It's a bit different for a mortgage. You can't transfer a property with a properly recorded mortgage without approval of the lender. So in an inheritence situation, the person who inherits the house should contact the mortgage and get the terms. My understanding is that timeshare expenses are like HOA expenses, it's not exactly a contract, it's an encumberence on the property. The owner of the property has duties, whether they want them or not, by virtue of being the owner, not because they agreed to the situation. (Of course, it would hopefully be made clear to you that it's a non-negotiable encumberence before you accept ownership) > But the disclaimer of interests I'm familiar with mean estate law continues to operate as if you have already passed away - meaning the same dynamic would just land in the laps of your greater family. There's kind of two options here; maybe someone in the greater family wants it, in which case, their pain. If nobody wants it, I think there's some default end for property with no known heirs, and if everyone disclaims it, that's where it goes.

toast0 3y ago

It's a bit different for a mortgage. You can't transfer a property with a properly recorded mortgage without approval of the lender. So in an inheritence situation, the person who inherits the house should contact the mortgage and get the terms. My understanding is that timeshare expenses are like HOA expenses, it's not exactly a contract, it's an encumberence on the property. The owner of the property has duties, whether they want them or not, by virtue of being the owner, not because they agreed to the situation. (Of course, it would hopefully be made clear to you that it's a non-negotiable encumberence before you accept ownership) > But the disclaimer of interests I'm familiar with mean estate law continues to operate as if you have already passed away - meaning the same dynamic would just land in the laps of your greater family. There's kind of two options here; maybe someone in the greater family wants it, in which case, their pain. If nobody wants it, I think there's some default end for property with no known heirs, and if everyone disclaims it, that's where it goes.