What is the name of your state? Wisconsin
I have a hot potato on my hands, and am wondering how bad I'm gonna get burned -
Back in 1986, wife #1 and I bought 2 shares of a UDI in a resort campground in Door County, WI.
In 1993, wife #1 left and divorced me, and I was awarded both shares in the settlement. In the ensuing hazy depression I never had her sign a quit claim, however, and she is still on the deed, but read on...
Like many divorcees, I was broke and paying a mountain of child support, and fell behind on my dues payments. I got a past due notice or two in the mid 90's, and they stopped sending anything shortly thereafter. In good time (almost immediately) I had forgotten all about it and them, figuring they must have gone broke or been sold, and wrote it off as a loss (in my mind, not on my taxes).
I haven't been up there since 1994 or 1995, and wife #2 doesn't dig the camping life.
I recently received a summons and a complaint stating that I now owe $5,800-odd dollars in back dues, and also named my ex in the complaint (ooops!). In short, I would like to offer them both shares back as payment, as my (our) 1/1000th ownership in the park should eclipse the debt, but they are only offering about a $1,500 dollar credit for "returned" memberships, and only if the balance is paid promptly and in a lump sum. I'm guessing the resale value of these is pretty low.
I acknowledge my debt, but really resent the fact that they haven't made contact in almost 10 years, and now come knocking demanding full payment at a time when I'm supporting 4 kids and am not exactly wealthy. You can imagine my wife's excitement upon hearing about this! Haven't heard from the "ex" yet, but I'm sure she's talking too...
I feel I'm being strongarmed by an association that isn't offering a decent compromise, but I'd like to find a way to affordibly pay my debt.
I don't know exactly what the fair market value of the resort is yet, but I'll be finding that out asap - I guess a lot may depend on that...
Has anybody been through or have close knowledge of a similar situation and how it was resolved?
Is it worth it to retain a lawyer, or would I just be spending more money that I don't have.
Thanks in advance!!!
I have a hot potato on my hands, and am wondering how bad I'm gonna get burned -
Back in 1986, wife #1 and I bought 2 shares of a UDI in a resort campground in Door County, WI.
In 1993, wife #1 left and divorced me, and I was awarded both shares in the settlement. In the ensuing hazy depression I never had her sign a quit claim, however, and she is still on the deed, but read on...
Like many divorcees, I was broke and paying a mountain of child support, and fell behind on my dues payments. I got a past due notice or two in the mid 90's, and they stopped sending anything shortly thereafter. In good time (almost immediately) I had forgotten all about it and them, figuring they must have gone broke or been sold, and wrote it off as a loss (in my mind, not on my taxes).
I haven't been up there since 1994 or 1995, and wife #2 doesn't dig the camping life.
I recently received a summons and a complaint stating that I now owe $5,800-odd dollars in back dues, and also named my ex in the complaint (ooops!). In short, I would like to offer them both shares back as payment, as my (our) 1/1000th ownership in the park should eclipse the debt, but they are only offering about a $1,500 dollar credit for "returned" memberships, and only if the balance is paid promptly and in a lump sum. I'm guessing the resale value of these is pretty low.
I acknowledge my debt, but really resent the fact that they haven't made contact in almost 10 years, and now come knocking demanding full payment at a time when I'm supporting 4 kids and am not exactly wealthy. You can imagine my wife's excitement upon hearing about this! Haven't heard from the "ex" yet, but I'm sure she's talking too...
I feel I'm being strongarmed by an association that isn't offering a decent compromise, but I'd like to find a way to affordibly pay my debt.
I don't know exactly what the fair market value of the resort is yet, but I'll be finding that out asap - I guess a lot may depend on that...
Has anybody been through or have close knowledge of a similar situation and how it was resolved?
Is it worth it to retain a lawyer, or would I just be spending more money that I don't have.
Thanks in advance!!!