Posted on: 22nd Mar, 2010 10:44 am
I have a Time Share and am no longer able to make the monthly payments or the maintenance payment. My annual income has dropeed by about half at this point. I have written to the company and asked to do a Deed in Lieu or what ever works for them. I can no longer pay for this and have not been able to use it since the purchase. They want me to give them all kinds of income and monthly expense info(bank statements). They did not ask for that type of verifcation when I signed on the line, why do they need me to prove I can't pay. I am uncomfortable with giving them all of my account info. Is this really necessary?
Hi november,
The lender wants to check your financial situation in order to be sure of your financial hardship. Once the lender is convinced about your financial hardship, there are higher chances of you being approved for a deed in lieu of foreclosure.
Thanks
The lender wants to check your financial situation in order to be sure of your financial hardship. Once the lender is convinced about your financial hardship, there are higher chances of you being approved for a deed in lieu of foreclosure.
Thanks