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Shelley
Guest
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 Posted: Thu Aug 20, 2009 7:57 am Post subject: Warranty deed in lieu of foreclosure |
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| We have a timeshare and owe approx. $2000 (mortgage and taxes). Because it is now going into foreclosure proceedings they offered the warranty deed and for us to pay $250 and be done with it. Will they pull our credit or ask for bank statements? Since the timeshare did not show on our credit report, will it affect our credit now? |
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 gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9749
Location: bloomfield, ct
35.02 Dollars($)
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| Posted: Thu Aug 20, 2009 9:59 am Post subject: |
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shelley, they'd have no reason to pull a credit report - it's not like you're seeking credit. if they do so, it will have to be with your permission anyway.
we can't answer the last question here. only the timeshare people or the financing agent who handled your loan can answer that. if they report it, it will be there; and if they don't, it won't.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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me1025
Guest
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| Posted: Wed Nov 04, 2009 7:14 am Post subject: pre foreclosure |
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| i have a timeshare and owe over 7000. what is the difference between a quitclaim and a warranty deed in lieu of foreclosure. what are the cons of each. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9749
Location: bloomfield, ct
35.02 Dollars($)
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| Posted: Wed Nov 04, 2009 11:36 am Post subject: |
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if you're doing a deed in lieu on this timeshare, i cannot imagine any benefit to doing a warranty deed. there's clearly not going to be any title issues that the original lender would be unaware of.
the difference? you warrant with a warranty deed that title is clear; with a quit claim deed, all you're doing is granting ownership to whatever ownership you currently may have, with no warrants as to the title itself.
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George M. Akerley
Loan Consultant
860-221-5044 |
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