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s2espinoza · Joined: 30 Sep 2009 Posts: 1 1.44 Dollars($)

We purchased a timeshare property when we truely should not have. We have never used it, and it has been on the resale market for 18 months. We can no longer afford to keep the property and they have offered to proceed with a deed in lieu, after my request for that was initially denied. They are asking for $3500 to continue with the process. Something about all of this seems fishy. We discontinued payments as of July. They want us to make one payment today to keep it out of forclosure and then come up with $3000 in the next two weeks to continue with the deed in lieu. We can't afford to make any payments let alone pay 3 grand to make this nightmare go away. Is it normal to ask for a fee to process the deed in lieu? Who,in the company, can offer the deed in lieu?
Any information on this matter would be helpful. I've read the other feeds and they have helped as well.

Thank you,
SSE

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

That really sound correct

If they are really agreeing for deed in lieu, then it shoudl be straight forward

By the way is this just ans verbal conversation or you ahev letter expalinign the whole situation

Ask them to put this in writing and make sure thhat they mention about the deed in lieu, see what resposne you get

jenkin7 · Posted: Wed Sep 30, 2009 11:48 pm Post subject:

Hi SSE,

I don't think you need to pay any fee for them to accept a deed in lieu. If you cannot afford the mortgage payments anymore, you can simply request them to accept a deed in lieu. If they agree to do the deed in lieu, you will sign over the property to them so they can sell it to recover their money. I haven't heard of any fee that needs to be paid in order to do a deed in lieu. Contact the loss mitigation department of your lender and see if they can accept a deed in lieu of foreclosure without any such fee.

Guest

Thanks for the reply. I did have them put it in writing and asked them if the fee was negotiable...they dropped it $1000. We are proceeding with the DIL. They said I would not be responsible for the taxes, I'm not so sure about that...I will be reading the fine print when we get the paperwork. We're prepared to pay the taxes if we have to, I just hope they're right.

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Deed in Lieu of Forclosure on Timeshare ....