Posted on: 11th Dec, 2008 02:42 pm
My timeshare company just offered me a deed-in-lieu option. I don't have a primary residence mortage and my (significant) debt is all due to student loans. if I take the deed-in-lieu option, i'm concerned about ruining my credit. how significant would a deed-in-lieu be for a time-share though?
Hi inspiredlife!
Welcome to forums!
A deed in lieu foreclosure will badly affect your credit score. It will lower your credit score by around 250 points. However, you will not have to pay the deficient amount from the sale of the property. This deficient amount will be forgiven. But you should also remember that you will have to pay taxes on that forgiven amount as it will be considered your income. To know more about deed in lieu, check out the following link:
http://www.mortgagefit.com/deed-lieu.html
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
A deed in lieu foreclosure will badly affect your credit score. It will lower your credit score by around 250 points. However, you will not have to pay the deficient amount from the sale of the property. This deficient amount will be forgiven. But you should also remember that you will have to pay taxes on that forgiven amount as it will be considered your income. To know more about deed in lieu, check out the following link:
http://www.mortgagefit.com/deed-lieu.html
Feel free to ask if you have further queries.
Sussane
My bankruptcy lawyer wants me to ok a "deed in lieu" on a timeshare that is already payed off. Yes, I still pay maintenance fees. If I decide to keep the timeshare my fees per month for the chapter 13 will be $800 dollars higher. Is this normal? Why do I feel like I am getting the shaft on this transaction. Can I sell my intrest or give it to my wife or brother, who's names are already on the the deed? :(
If the timeshare is paid off and if there is no mortgage on it, then a deed in lieu on that property is not possible. It is also surprising to me that keeping a timeshare will increase your fees so much. As you are planning to file bankruptcy, I don't think you will be able to transfer the property to anyone right now.
I own a timeshare which is paid in full - all i do is pay the maintenance fees which are currently paid - now they are charging 1500.00 for renovations to the property - what happens if i don't pay these fees can they lien my current home
Hey Rosemarie,
In my opinion, yes, they can place lien on your property if you are unable to pay the renovation fees.
In my opinion, yes, they can place lien on your property if you are unable to pay the renovation fees.
Like Rosemarie, I have a T/S that is paid for and I can't afford the renovation fees. What are my resources to fight this, can this affect my credit score.
Hi
If you do not pay renovation fees, as Adonis had mentioned, they can put lien on your property. I think this will be reported to the credit bureaus and can affect your credit score.
If you do not pay renovation fees, as Adonis had mentioned, they can put lien on your property. I think this will be reported to the credit bureaus and can affect your credit score.
I own a timeshare which is paid in full. All maintanence is also paid. I may have to file bankrupcy for a credit card which I cannot pay any longer. Will the credit card company take the timeshare? Should I quick deed it to my granddaughters before I am in default?
Hi missgagoots!
Welcome to forums!
Your query has been answered in the given page:
http://www.mortgagefit.com/problems/timeshare-socialsecurity.html
Have a look at it. I hope it will help you.
Sussane
Welcome to forums!
Your query has been answered in the given page:
http://www.mortgagefit.com/problems/timeshare-socialsecurity.html
Have a look at it. I hope it will help you.
Sussane
my husband and i own a timeshare in florida and live in the UK. We were payingmaintenance fees until my husband who is self employed had practicaly no work plus the owners associated decided to add amassive refurb fee over the maintenance fee. we have been in touch with them several times to say we cant afford it. there's no outstanding mortgage on the timeshare. they now say we will be receiving a letter about a lien being placed on the property. what does this mean and will it affect us in the UK?
my husband and i own a timeshare in florida and live in the UK. We were payingmaintenance fees until my husband who is self employed had practicaly no work plus the owners associated decided to add amassive refurb fee over the maintenance fee. we have been in touch with them several times to say we cant afford it. there's no outstanding mortgage on the timeshare. they now say we will be receiving a letter about a lien being placed on the property. what does this mean and will it affect us in the UK?
the lien is merely their way of ensuring that they'll collect their funds. you'll pay it sooner or later, perhaps at the time you transfer ownership to someone else. it ought not to affect you in the UK, unless there's some sort of arrangement between US lenders and the commonwealth that allows them to garnish your accounts or wages...and i seriously doubt that exists.
regarding time shares, yesterday's edition of USA Today ran a very informative article about the difficulties in that market of late.
it seems that the american public is less enthused about time shares than in years past, and with our economy taking its toll on people's finances, repayment of time share debt is far less important than it once may have been.
some 6 million americans own a time share, but many never use the week(s) owned. many of those who own and who may have already paid off the debt, find themselves mired in monthly or annual fees that drain the pocketbook.
sales of time shares are down, and layoffs of salespeople have been prevalent throughout that industry. current owners are now trying hard to sell their weeks - on craigslist, through a variety of services that have popped up (some of whom prey on the owners who can least afford it).
owners are beset with cold calls, email blasts, and snail mail "offers" to sell their properties quickly, often accompanied by a requirement of an upfront fee, which can reach as much as $5000.
these outfits supposedly guarantee a sale, which is, of course, ridiculous. if anyone in this nation could guarantee a sale of a property these days, the entire mortgage market would bow and scrape. as for fees, there ought never to be a fee for the listing of a time share with any reputable selling agent.
we get a lot of time share queries on this site, and it seems that there's a lot of confusion among the public about their rights and, truthfully, precisely what they've gotten into when they sign that contract to purchase. the high-pressure, buy now or lose your opportunity techniques of the sales force at resorts and at sales offices creates a fear of missed opportunity for all too many potential buyers...many of whom end up making a purchase and being regretful shortly thereafter.
it seems that the american public is less enthused about time shares than in years past, and with our economy taking its toll on people's finances, repayment of time share debt is far less important than it once may have been.
some 6 million americans own a time share, but many never use the week(s) owned. many of those who own and who may have already paid off the debt, find themselves mired in monthly or annual fees that drain the pocketbook.
sales of time shares are down, and layoffs of salespeople have been prevalent throughout that industry. current owners are now trying hard to sell their weeks - on craigslist, through a variety of services that have popped up (some of whom prey on the owners who can least afford it).
owners are beset with cold calls, email blasts, and snail mail "offers" to sell their properties quickly, often accompanied by a requirement of an upfront fee, which can reach as much as $5000.
these outfits supposedly guarantee a sale, which is, of course, ridiculous. if anyone in this nation could guarantee a sale of a property these days, the entire mortgage market would bow and scrape. as for fees, there ought never to be a fee for the listing of a time share with any reputable selling agent.
we get a lot of time share queries on this site, and it seems that there's a lot of confusion among the public about their rights and, truthfully, precisely what they've gotten into when they sign that contract to purchase. the high-pressure, buy now or lose your opportunity techniques of the sales force at resorts and at sales offices creates a fear of missed opportunity for all too many potential buyers...many of whom end up making a purchase and being regretful shortly thereafter.
My husband and I own a timeshare, well we still owe on the mortgage, are a lil behind, and the company, BLUEGREEN, won't even take it back. We were turned on to the deed in lieu idea from a friend who saw it on Dave Ramsey. I saw your post that the forgiven amount is considered income, how can that be? I just don't understand all this process and we HAVE TO get out of this contract. It is causing a financial burden for our family of five. Just trying to find a solution that doesn't further get us into debt or trouble. Can you shed some light on this whole process for me? Thanks.
the deficient amount that is forgiven by the lender is considered as an income by the irs. however, depending upon mortgage debt relief act, you won't have to pay the taxes on that amount. for a deed in lieu of foreclosure, you'll have to contact your lender. if he agrees to sell off the property, you would be able to get rid of it.