Photo: Marc Royce
Q: I purchased a time-share with my boyfriend in 2005, putting both our names on the deed. Two months later, we split up on bad terms. He hasn't paid any of the $10,600 he owes; I've been the one making the mortgage installments. Financially, I know the legal process may not be worth it, but morally, I feel he needs to fulfill his end of the bargain. He's frequently tried to use the time-share, which is now in default due to my inability to pay. What do you suggest I do?
A: Your opinion of your ex-boyfriend's moral obligation doesn't matter right now. For two years, he's made it clear that he doesn't share your sense of duty, and you simply don't have time to try to convince him to own up to his share of the responsibility.
With the mortgage in default, you're heading into dangerous waters. Your credit is going to be ruined, and you could be pushed into bankruptcy. It's time to unload both the time-share and this loser from your life!
Because your ex is on the deed, you'll need his permission to sell. He'll also be entitled to a share of any profit, though you'll likely have to sell at a loss. Time-shares are notoriously difficult to make money on. Check out sites like the Timeshare User's Group (Tug2.net) and eBay, both popular places to list time-shares for sale. And remember, this is about starting over rather than trying to hold on to the past.
From the December 2007 issue of O, The Oprah Magazine