Question on letting a timeshare go...

JM637 · #1 (**permalink**) 09-26-2008, 01:11 AM

So after a few weeks of thinking it over, we decided to let our timeshare go... Has anyone ever had the experience of asking for a deed-in-lieu of foreclosure... We don't quite know how those things are... What are the chances that a timeshare company will agree to go that route... And what do they actual require, if any... This timeshare we bought is really taking a toll on our marriage and finances... And let's say they do decide to take it back, are we liable for any more payments? And what if they don't and the timeshare foreclose what happens then? Any input would be appreciated... Thank you in advance...

katiemack · #2 (**permalink**) 09-26-2008, 01:22 AM

Sorry to hear about the trouble ownership has caused you.

To get the most help from all of the great people here, could you provide a bit more info: where do you own, how long, is their any equity, have you tried renting the week, have you tried to sell it? Have you contacted the management company to inquire about a deed-back?

Deed backs are possible, with some management companies. But you should be careful before considering such a move.

Edited to add: I just realized that you had another thread stating the ownership was MGV. You got some serious advice on that thread, and you do have some options. You should contact Trading Places, which is a great independent trading company, and see if you can maximize your weeks. Do a search in the Trading Places threads, and read Lawren's information regarding TP, you might feel some encouragement.

Timesharing is a great device to use to vacation, and you can learn a lot by reading the threads here. If you cannot give up the weeks without hurting your credit rating, you should learn how to use the weeks. Many of us have had many successful years of trading.

Theo · #3 (**permalink**) 09-26-2008, 07:49 AM

Quote:

Originally Posted by JM637

So after a few weeks of thinking it over, we decided to let our timeshare go... Has anyone ever had the experience of asking for a deed-in-lieu of foreclosure... We don't quite know how those things are... What are the chances that a timeshare company will agree to go that route... And what do they actual require, if any... This timeshare we bought is really taking a toll on our marriage and finances... And let's say they do decide to take it back, are we liable for any more payments? And what if they don't and the timeshare foreclose what happens then? Any input would be appreciated... Thank you in advance...

With due respect, it would seem that an appropriate first step might be to inquire directly of the HOA/mgt. company whether or not they even accept "deedbacks in lieu of foreclosure" at all in the first place. That option is theirs alone to offer and if the answer is no, then there is really no point or benefit in allocating any further time or effort in that particular direction.

JM637 · #4 (**permalink**) 09-27-2008, 06:16 AM

Quote:

Originally Posted by Theo

That option is theirs alone to offer and if the answer is no, then there is really no point or benefit in allocating any further time or effort in that particular direction.

Thank you for your input. I understand what you're saying, however, I guess I'm anticipating more for an answer on what happens if the property is let go. I have an idea, but I'm hoping someone can give me info about timeshare foreclosures.

JM637 · #5 (**permalink**) 09-27-2008, 06:18 AM

Quote:

Originally Posted by katiemack

You should contact Trading Places, which is a great independent trading company, and see if you can maximize your weeks. Do a search in the Trading Places threads, and read Lawren's information regarding TP, you might feel some encouragement.

Thank you. I emailed the company. I'm going to see if it's even an option for me.

ksharleymom · #6 (**permalink**) 11-11-2008, 09:48 AM

We are also in the same situation. At the time we got sucked into buy it, it sounded wonderful. Now we're in a financial rut, have never used it and need to get rid of it. We have tried to sell it but that was a joke. We're wanting to turn it back to the company, which I know will hurt our credit. Can't do much more damage than has already been done with the IRS on our backs thanks to a bad accountant. We have never had to do anything like this before and do not quite know how to go about doing anything. To top it off, I have tried to find the phone number to the creditor and am unable to find one. Any suggestions as to how to get out from under this mess?

Jya-Ning · #7 (**permalink**) 11-11-2008, 09:57 AM

Quote:

Originally Posted by ksharleymom

To top it off, I have tried to find the phone number to the creditor and am unable to find one.

If you have not pay-off, it is the devloper, should be in your contract. Or something you pay through credit card or bank account? If so, stop the automatic process, send them a letter, ask them to send you the bill. It should in tha bill.

If you already pay-off, it will be the HOA, unless it is club type of deal, then it is the club opeator.

What do you have?

Jya-Ning

Keitht · #8 (**permalink**) 11-11-2008, 11:18 AM

Quote:

Originally Posted by JM637

I guess I'm anticipating more for an answer on what happens if the property is let go. I have an idea, but I'm hoping someone can give me info about timeshare foreclosures.

There is no simple answer to that question. Some developers will not chase for overdue fees whilst others will chase all the way through the courts. If the latter happens it will have an effect on credit ratings etc. Just walking away without the agreement of other parties is never a good idea.

timeos2 · #9 (**permalink**) 11-11-2008, 12:12 PM

It sounds like you still owe money on this week. In that case no resort will be willing to simply take it back as they wouldn't get clear title. If all yo owe is past due fees they may be willing to take it in lieu of future fees to avoid the cost of a foreclosure. You would have to get that answer from the resort.

mshatty · #10 (**permalink**) 11-11-2008, 02:48 PM

Quote:

Originally Posted by JM637

Thank you for your input. I understand what you're saying, however, I guess I'm anticipating more for an answer on what happens if the property is let go. I have an idea, but I'm hoping someone can give me info about timeshare foreclosures.

Worse case, you still owe on the loan. If you don't pay it, you get sued and a judgment is entered against you. If you don't pay the judgment, depending on where you live, the court will assist in enforcing the judgment against you. Also, the judgment can be filed in property records that may create liens on your real property (this depends on where you live).