Posted on: 19th Aug, 2011 02:23 pm
i want to get a quit claim deed form to return a timeshare to the resort we bought it from as we no longer can afford it. is this something we can do? we've only had the timeshare since last october.
Sure, you can do that, as long as you have the Lenders permission.
most lenders don't want their timeshares back to be honest, they scammed you and are wanting to keep you in their scam. i just posted a long section in another topic about how to get out of a time share legally. also it depends on which timeshare you're in.
whether you are facing timeshare foreclosure, or are looking for a way to get rid of an unwanted time share, a deed in-lieu of foreclosure can be a great option to get rid of your timeshare obligation. it is important to note that a deed in lieu of can usually only be (easily) obtained by an owner that has already paid off the principal balance of the property, whose only remaining financial obligations are yearly/monthly maintenance fees. if you still owe money on the property, in addition to maintenance fees, you will want to discuss a deed in lieu of foreclosure with your lender – their willingness to allow you to sign the deed instead of foreclosing depends on a variety of factors including the amount owed, frequency of delinquent payments, your personal situation and resort desirability. if the deed in lieu of foreclosure is accepted and executed in this case, the former owner may be responsible for any applicable legal fees and/or amount owed different than what the property was resold for; although i have found that many timeshare resort property owners do not take this extra legal step, as it involves a series of court orders and legal fees for their company.
for timeshare owners that own their property outright and simply want to get out their timeshare contact due to no longer traveling or not wanting to pay maintenance fees, the best way to go about obtaining a deed in lieu of foreclosure is to simply stop paying your maintenance fees. eventually your home owners association (or hoa) will turn your account over to a third-party collection agency that will begin to use the traditional routes of communication including letters, email and phone calls in an attempt to collect the money owed. after this collection firm has used up all of their money-collecting ammunition, and it has been made clear that the owner has no intention of bringing the account current or continuing to pay, they will inform you that your home resort will accept a deed-in-lieu of foreclosure to sever all your ties with the timeshare property.
with regards to your credit in the case of obtaining a deed-in-lieu of foreclosure, your credit should not be greatly affected at all. it is an excellent idea to obtain a written statement from the lawyer preparing the document to state that the lender and/or timeshare resort property owner will not be recording or reporting this deed to credit agencies. some lenders/property developers will not agree to this, however, so you should at the very least obtain a signed statement acknowledging that any information reported will be accurate – including the fact that there was no delinquency or default if your payments are current. this document should be signed by the parties to whom you are returning the property, and while it is not a guarantee that the deed in lieu of foreclosure will not be reported to credit agencies, it will come in handy if any errors in reporting to fico occur.
whether you are facing timeshare foreclosure, or are looking for a way to get rid of an unwanted time share, a deed in-lieu of foreclosure can be a great option to get rid of your timeshare obligation. it is important to note that a deed in lieu of can usually only be (easily) obtained by an owner that has already paid off the principal balance of the property, whose only remaining financial obligations are yearly/monthly maintenance fees. if you still owe money on the property, in addition to maintenance fees, you will want to discuss a deed in lieu of foreclosure with your lender – their willingness to allow you to sign the deed instead of foreclosing depends on a variety of factors including the amount owed, frequency of delinquent payments, your personal situation and resort desirability. if the deed in lieu of foreclosure is accepted and executed in this case, the former owner may be responsible for any applicable legal fees and/or amount owed different than what the property was resold for; although i have found that many timeshare resort property owners do not take this extra legal step, as it involves a series of court orders and legal fees for their company.
for timeshare owners that own their property outright and simply want to get out their timeshare contact due to no longer traveling or not wanting to pay maintenance fees, the best way to go about obtaining a deed in lieu of foreclosure is to simply stop paying your maintenance fees. eventually your home owners association (or hoa) will turn your account over to a third-party collection agency that will begin to use the traditional routes of communication including letters, email and phone calls in an attempt to collect the money owed. after this collection firm has used up all of their money-collecting ammunition, and it has been made clear that the owner has no intention of bringing the account current or continuing to pay, they will inform you that your home resort will accept a deed-in-lieu of foreclosure to sever all your ties with the timeshare property.
with regards to your credit in the case of obtaining a deed-in-lieu of foreclosure, your credit should not be greatly affected at all. it is an excellent idea to obtain a written statement from the lawyer preparing the document to state that the lender and/or timeshare resort property owner will not be recording or reporting this deed to credit agencies. some lenders/property developers will not agree to this, however, so you should at the very least obtain a signed statement acknowledging that any information reported will be accurate – including the fact that there was no delinquency or default if your payments are current. this document should be signed by the parties to whom you are returning the property, and while it is not a guarantee that the deed in lieu of foreclosure will not be reported to credit agencies, it will come in handy if any errors in reporting to fico occur.
I would not wait until your account goes to collection as this could negatively affect your credit history. Simply execute and deliver a quitclaim deed to the HOA.
Jheard, yes but do you think the timeshare will actually want their timeshare back? We have to think logics here in a scamming business since that is what timeshares are. This is the best way I know to return an unwanted timeshare, that or find a buyer which is hard in this economy and many timeshares have first right of refusal to who you sell it to if they don't want that person to have it.
I do want to add that I am not an attorney so don't take my advice 100% with out talking to an attorney on this matter. But I do feel that my advice is good because I know about Timeshares more than most people since I got scammed by Westgate, I did a lot of research. Hope this helps.
I do want to add that I am not an attorney so don't take my advice 100% with out talking to an attorney on this matter. But I do feel that my advice is good because I know about Timeshares more than most people since I got scammed by Westgate, I did a lot of research. Hope this helps.