Posted on: 22nd Jul, 2009 04:11 pm
i have a timeshare in maui and i cant afford to pay the monthly payment so i am wondering if i can do a deed in lieu of foreclosure. the lender told me it wasnt an option and it was a desicion that management would offer me and that i would have to qualify for to do this... what can i do in this situation?
Hi sslide,
Have you talked with the timeshare management? Explain your financial situation to them and discuss the deed in lieu option with them. In case you do not qualify for a deed in lieu, you can ask them if a loan modification is possible. You last option would be to let the timeshare go into foreclosure.
Have you talked with the timeshare management? Explain your financial situation to them and discuss the deed in lieu option with them. In case you do not qualify for a deed in lieu, you can ask them if a loan modification is possible. You last option would be to let the timeshare go into foreclosure.
it is definitely a option for you, a better option than foreclosure. the lender should tell you the details and you can see if you are qualified or not. it is much better than foreclosure since it will not affect your credit score that much. you will get it if you do not ask for it. Good luck!BTW, which state are you in?