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?
missy
we are also bluegreen owners and have been trying to sell our ts without any success. i am just wondering if bluegreen accepted your deed in lieu of foreclosure??? or did you find a different avenue in order to find relief from your ts??
we are also bluegreen owners and have been trying to sell our ts without any success. i am just wondering if bluegreen accepted your deed in lieu of foreclosure??? or did you find a different avenue in order to find relief from your ts??
Hi Andrea!
Welcome to forums!
I would suggest you to contact your lender and apply for a deed in lieu of foreclosure. If you can convince your lender about your financial hardship, he would be ready to accept your request.
Sussane
Welcome to forums!
I would suggest you to contact your lender and apply for a deed in lieu of foreclosure. If you can convince your lender about your financial hardship, he would be ready to accept your request.
Sussane
Hi,
I have timeshare with VI and I don't want it...I was taken in with the 'opportunity' to travel and the 'discounts' they gave me. They also told me that I would be a great candidate to use as a consultant for them-they would pay me to talk to people about their timeshare (which never happened). I was never notified that I could 'return' the timsehare within 7 days (I was only aware when I went through the paperwork 7 days too late). Right now, I have a primary residence in Washington and a timeshare that I never use and which is eating up my income. How do i get rid of this timeshare without it affecting my primary residence? That's what I am worried about...that this would cost me my home if i did something like stop paying the timeshare. The loan for the timeshare is through them and it's a secure loan and it's not paid off....I am drowing in bills and this is not something I can afford.....
I have timeshare with VI and I don't want it...I was taken in with the 'opportunity' to travel and the 'discounts' they gave me. They also told me that I would be a great candidate to use as a consultant for them-they would pay me to talk to people about their timeshare (which never happened). I was never notified that I could 'return' the timsehare within 7 days (I was only aware when I went through the paperwork 7 days too late). Right now, I have a primary residence in Washington and a timeshare that I never use and which is eating up my income. How do i get rid of this timeshare without it affecting my primary residence? That's what I am worried about...that this would cost me my home if i did something like stop paying the timeshare. The loan for the timeshare is through them and it's a secure loan and it's not paid off....I am drowing in bills and this is not something I can afford.....
Hi Sophia!
Welcome to forums!
I've given my suggestions in regards to your query at:
http://www.mortgagefit.com/problems/timeshare-stop-payments.html
Take a look at it. Hope it helps you.
Sussane
Welcome to forums!
I've given my suggestions in regards to your query at:
http://www.mortgagefit.com/problems/timeshare-stop-payments.html
Take a look at it. Hope it helps you.
Sussane
I own a timeshare that has no deed.what's the diference, with a deed and not. And am I still liable for it with out a deed.
Hi D.Brahm!
Welcome to forums!
If the loan is in your name, then you will be liable to pay it off though you do not have the deed. BTW, have you lost the property deed?
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the loan is in your name, then you will be liable to pay it off though you do not have the deed. BTW, have you lost the property deed?
Feel free to ask if you've further queries.
Sussane
I have a timeshare paid in full, current on ALL maint fees and such. I don't want it anymore and asked the resort if I could just deed it back to them (as opposed to trying to sell it or give it away elsewhere). They said sure and told me they'd mail me a warranty deed to sign and mail back.
They've sent me something they call a "deed in lieu of foreclosure" but foreclosure has never been mentioned. Like I said, everything is paid up, there are no liens. I'm concerned that signing something like this to deed back the property to them will mean they can hit my credit report?
They've sent me something they call a "deed in lieu of foreclosure" but foreclosure has never been mentioned. Like I said, everything is paid up, there are no liens. I'm concerned that signing something like this to deed back the property to them will mean they can hit my credit report?
Why don't you try to sell it to someone else you know, or simply deed it to another party? I'm sure there are still plenty of folk who'd love to have a timeshare available to them, particularly since it's already paid in full and subject only to the maintenance fees.
Giving it back to the resort only lines their wallets some more.
Giving it back to the resort only lines their wallets some more.
I've tried. No one wants it. The maint fees are so high now it's not even "worth it." Plus, if I transfer it, someone has to pay a $250 resort transfer fee. Deeding it back at this point is the cheapest and easiest option for me.
Astounding that nobody would want it for no compensation back, even considering high maintenance fees.
It's true, George. VRI won't take mine back, even if I pay the title transfer. Some people are paying $5000 to have a title company take them off their hands.
I own one too...we tried to sell it many years ago and failed. I actually wasted $100 or so allowing some unfit company to "list" it for sale...yeah right. Shysters have been around forever, and I was naive then.
Fortunately we eliminated any debt on ours by using other funds to pay it in full as soon as we got our first bill. All we pay is maintenance now, which isn't so awful. Now if we could only get to use it as regularly as we'd originally planned, it'd be worth the trouble.
I also used to own with a former spouse - going back 20+ years - and she still has it. She and family go back to the same place every year (Disney World), though the second year we had it we took a vacation in the Poconos. That one turned out to be very worthwhile for us originally, and now for her long-term.
Nevertheless, getting rid of one is so difficult as to be miraculous if someone is successful.
Fortunately we eliminated any debt on ours by using other funds to pay it in full as soon as we got our first bill. All we pay is maintenance now, which isn't so awful. Now if we could only get to use it as regularly as we'd originally planned, it'd be worth the trouble.
I also used to own with a former spouse - going back 20+ years - and she still has it. She and family go back to the same place every year (Disney World), though the second year we had it we took a vacation in the Poconos. That one turned out to be very worthwhile for us originally, and now for her long-term.
Nevertheless, getting rid of one is so difficult as to be miraculous if someone is successful.
Just look at e-bay. There are lots there with an asking price of $0.01 and they don't sell. No-one wants the hassle and the crazy amounts for tax and maintenance that the HOA's ask. I'm in the process of just walking away and to hell with the potential negatice effects on my credit
We have a timeshare at Orange Lake Floriday for 9 years my husband was diagnosed with cancer last year and we can no longer keep up the repayments. I have notified O/L of the matter they say we should keep paying and next year perhaps we can take our a new lower mortgage but that doesnt help our financial position we just want them to take it back. We are uk residents also would be still be alllowed to visit the states
I can't imagine that your situation concerning the timeshare would have any impact on your visitations to the US...I sure hope not...it would be a travesty of justice in my opinion.