Hubby belongs to a cabin that

[ladyjenn]

If eight people "own" the place, there is a deed with their 8 names on the deed. Unless he has a secured interest in the property with his name on the title he only owns an "interest" in a rental or timeshare. Now is not the time to "imagine" what is going on; you will have to come up with some hard copies of paperwork. Time for hubby to make some phone calls.

And what if it is only an interest? Does that make it more likey he will not hve to surrender?
Going to R&R to get a copy of the deed this week. It is paid off, and I have no idea where to get a copy of the mortgage...

[btbeme]

There seems to be several ways to go about this...

1. See if there is a state or fed exemption to cover his "interest." Best solution.
2. His "interest" is likely not worth much, if anything, if he is on the deed with 7 other people. The Trustee cannot (easily) force the others to sell in order to collect the value from his "share." Even if the Trustee pursued that action, the others on the deed would naturally get first crack at buying him out. If they refused, the trustee would have a small broken-down cabin and a lot of upset people to deal with in trying to sell it, maybe to make a few thousand (at best).
3. One can always sell their interest at market cost and use the proceeds to buy food, fuel, and provisions.

I am on a deed with three siblings on a home where my mother lives. We have some equity in it, or maybe a lot, or maybe none (depending on who you ask). The Trustee is going to have to make that decision on my situation soon. It won't be easy for the trustee to determine value, and if he comes up with something outrageous (or tries to force a sale) we will flip to a Ch 13 and the trustee is out his time, effort, and receives no compensation.

We shall see.

[ladyjenn]

There seems to be several ways to go about this...

1. See if there is a state or fed exemption to cover his "interest." Best solution.
2. His "interest" is likely not worth much, if anything, if he is on the deed with 7 other people. The Trustee cannot (easily) force the others to sell in order to collect the value from his "share." Even if the Trustee pursued that action, the others on the deed would naturally get first crack at buying him out. If they refused, the trustee would have a small broken-down cabin and a lot of upset people to deal with in trying to sell it, maybe to make a few thousand (at best).
3. One can always sell their interest at market cost and use the proceeds to buy food, fuel, and provisions.

I am on a deed with three siblings on a home where my mother lives. We have some equity in it, or maybe a lot, or maybe none (depending on who you ask). The Trustee is going to have to make that decision on my situation soon. It won't be easy for the trustee to determine value, and if he comes up with something outrageous (or tries to force a sale) we will flip to a Ch 13 and the trustee is out his time, effort, and receives no compensation.

We shall see.

You just explained our situation to a TEE! I will see if there are any exemptions..just don't know how to go about that we live in PA..any ideas? The atty is making me get a copy of the deed and tax asst (to see value) which I don't understand if he only has an interest 1/8. If he sells his share he gets $5K, not 1/8th of the property value! Am I not understanding this correctly? He is owner and has an interest? Arghhhh
Thanks so much for your insight, this post was MOST HELPFUL!

[momofthree]

You just explained our situation to a TEE! I will see if there are any exemptions..just don't know how to go about that we live in PA..any ideas? The atty is making me get a copy of the deed and tax asst (to see value) which I don't understand if he only has an interest 1/8. If he sells his share he gets $5K, not 1/8th of the property value! Am I not understanding this correctly? He is owner and has an interest? Arghhhh
Thanks so much for your insight, this post was MOST HELPFUL!

That doesn't make sense unless the property is worth $40k. If he has a 1/8 interest (with his name on the title), then he would get 1/8 of the property value upon the sale of the property.

However, if it's simply more of a timeshare, listed under the timeshare holder, and your husband basically has usage rights (along with 7 other people) under the timeshare agreement, and those usage rights hold a value of $5k, then that's different.

How much do you pay in maintenance fees, taxes, utilities, etc. each month/year for this place?

[mgmadara]

That doesn't make sense unless the property is worth $40k. If he has a 1/8 interest (with his name on the title), then he would get 1/8 of the property value upon the sale of the property.

However, if it's simply more of a timeshare, listed under the timeshare holder, and your husband basically has usage rights (along with 7 other people) under the timeshare agreement, and those usage rights hold a value of $5k, then that's different.

How much do you pay in maintenance fees, taxes, utilities, etc. each month/year for this place?

My hubby belongs to a hunting cabin, also in PA on state game lands. He had to pay $2000 to join. Each member pays yearly dues as well, to cover operating costs. The deed has all the member's names on it. When a member leaves the $2000 is returned to them and their name is removed from the deed.

To the OP: I wish I could offer more help but my husband wasn't a member of the cabin when we filed.

[ladyjenn]

My hubby belongs to a hunting cabin, also in PA on state game lands. He had to pay $2000 to join. Each member pays yearly dues as well, to cover operating costs. The deed has all the member's names on it. When a member leaves the $2000 is returned to them and their name is removed from the deed.

To the OP: I wish I could offer more help but my husband wasn't a member of the cabin when we filed.

That is exactly correct. He was handed down this share when he GF passed aaway. If he sells his share he would get $5K. If the cabin itself were to sell, it would be divided up 8 ways.