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My nephew lives in California. About 2010 he and his wife

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My nephew lives in California...
My nephew lives in California. About 2010 he and his wife took over his wife's parents' vacation time share sold to the parents by a Time Share Company based in Arkansas. Shortly thereafter my nephew's wife was diagnosed with cancer and she died in 2011, leaving behind my nephew and their two pre-school aged children. My nephew stopped making payment on the Time Share. He has been notified the property is going to be foreclosed if he doesn't pay $3,400. Is there a way to avoid foreclosure? Is there something he can do in lieu of foreclosure such as signing the property back over to the time Share Company? Does he have to pay the $3,400? Does a foreclosure of Time Share property have the same weight on one's credit as there is on a foreclosure on a homestead? Should he get a lawyer and if so, which state would he get one, California or Arkansas?
Submitted: 1 year ago.Category: Real Estate Law
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Answered in 9 minutes by:
5/11/2016
Real Estate Lawyer: Dwayne B., Attorney replied 1 year ago
Dwayne B.
Dwayne B., Attorney
Category: Real Estate Law
Satisfied Customers: 34,057
Experience: Began practicing law in 1992
Verified
Hello and thank you for contacting us. This is Dwayne B. and I’m an expert here and looking forward to assisting you today. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Also, I can only answer the questions you specifically ask and based on the facts that you give so please be sure that you ask the questions you want to ask and provide all necessary facts. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms. I'll answer the questions in the order you asked them:Is there a way to avoid foreclosure?Bankruptcy, paying the amount owed, or paying a different amount if they agree. Is there something he can do in lieu of foreclosure such as signing the property back over to the time Share Company?Rarely. The company could agree to that but I have never seen them do so. Does he have to pay the $3,400? No more than he "has" to pay any other debt. Ity is possible, depending on exactly how he "took over" his parent's time share, that he may not be responsible at all. If he signed papers indicating he would be responsible for it then it would be his debt just as if he had been the original borrower. Does a foreclosure of Time Share property have the same weight on one's credit as there is on a foreclosure on a homestead?Yes. Should he get a lawyer and if so, which state would he get one, California or Arkansas?He probably should get a lawyer to go over the paperwork to see if he is actually responsible for the amount and to see if the timeshare documents are now in his name. Arkansas would probably be the better choice as far as a lawyer to handle this.
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Dwayne B.
Dwayne B.
Dwayne B., Attorney
Category: Real Estate Law
Satisfied Customers: 34,057
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Experience: Began practicing law in 1992

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