Posted on: 26th Jun, 2006 05:16 pm
I bought a timeshare and want no part of it , more and more expense, and never could use it, can i use a quick deed to give this timeshare back to time,
hi kathy,
welcome to mortgagefit forums.
i can understand your problem with the expense. a lot of people face problems like you in maintaining the time share.
it is possible to transfer a time share through a quit claim deed but there are some problems as the company should agree to it.
it is best to consult a real estate attorney and take his guidance to help you with the proceedings. he can guide you efficiently.
best of luck!
god bless you.
for mortgagefit,
samantha
welcome to mortgagefit forums.
i can understand your problem with the expense. a lot of people face problems like you in maintaining the time share.
it is possible to transfer a time share through a quit claim deed but there are some problems as the company should agree to it.
it is best to consult a real estate attorney and take his guidance to help you with the proceedings. he can guide you efficiently.
best of luck!
god bless you.
for mortgagefit,
samantha
Kathy,
Sometimes it may pose problems in transferring a time share. There are some associations who will fall behind you in an attempt to collect the unpaid fees. They may even report any unpaid timeshare fees to the credit bureaus.
There are some others who don't act so aggressively and will let you walk away free. You need to check with the timeshare management whether a quit claim to management association is possible without any adverse results.
You may take an attorney's help for the purpose as a professional can handle it better.
James
Sometimes it may pose problems in transferring a time share. There are some associations who will fall behind you in an attempt to collect the unpaid fees. They may even report any unpaid timeshare fees to the credit bureaus.
There are some others who don't act so aggressively and will let you walk away free. You need to check with the timeshare management whether a quit claim to management association is possible without any adverse results.
You may take an attorney's help for the purpose as a professional can handle it better.
James
Question, I purchased a timeshare and after three years of paying I couldnt pay it anymore. Tried to make payment arrangements, and the timeshare finance department claimed they offered me different options via email and regular mail. I never received those offers. Now after I paid over $5,000.00 off the capital of the loan, and almost $5,000 on iterest, they reported the balace $8,900 as a charge off. I try to pay, but they don't allow me to pay it, tried to negotiate but they claim there is nothing they can do. I lost everything, and timeshare was not a tangible thing, what can I do to resove this issue? what are my rights?
Hi Yanis!
A mortgage charge off means that the original lender is not bothered to collect the loan from you any more. The lender has sold your debts to another collection agency. You can ask the lender about the collection agency to which it has sold your debts and pay off the loans to that agency.
Thanks.
A mortgage charge off means that the original lender is not bothered to collect the loan from you any more. The lender has sold your debts to another collection agency. You can ask the lender about the collection agency to which it has sold your debts and pay off the loans to that agency.
Thanks.
I bought a timeshare so that I could take my mother on vacation with me. My mother past last year and I just want to get rid of it. I only want 15000 for it just to break even but I really just don't want it anymore. Can I sell it through a reality company or do I have to go bsck through the timeshare resort I bought it from?
Is a timeshare mortgage like a housemortgage? If you get behind will the timeshare mortgage go into foreclosure?
Hi
To YLND!
People prefer going back to the timeshare resort through which they had initially brought the property. But there are timeshare realtors and brokers who can also help you in selling off the property.
To yolanda!
Yes, definitely. If you suddenly stop paying the mortgage dues, your property can go into foreclosure and will affect your credit badly. Its better to pay off the mortgage dues. If you can't pay it off, you can speak to the lender about short sale or a deed-in-lieu foreclosure.
Thanks
To YLND!
People prefer going back to the timeshare resort through which they had initially brought the property. But there are timeshare realtors and brokers who can also help you in selling off the property.
To yolanda!
Yes, definitely. If you suddenly stop paying the mortgage dues, your property can go into foreclosure and will affect your credit badly. Its better to pay off the mortgage dues. If you can't pay it off, you can speak to the lender about short sale or a deed-in-lieu foreclosure.
Thanks
would a realestate attorney handel a short sale of a timeshare? i ratter lose that than my home. i can not continue to pay on it.
Hi tasha!
Welcome to forums!
You will have to apply to the lender for a short sale. If the lender agrees to it, you will have to give away the property to the lender who will sell the property in the market to recover the debts. If there is a deficient amount from the sale of the property, then you will have to pay that to the lender. Moreover you should also remember that a short sale also reduces the credit score by 75-100 points.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
You will have to apply to the lender for a short sale. If the lender agrees to it, you will have to give away the property to the lender who will sell the property in the market to recover the debts. If there is a deficient amount from the sale of the property, then you will have to pay that to the lender. Moreover you should also remember that a short sale also reduces the credit score by 75-100 points.
Feel free to ask if you have further queries.
Sussane
Oh! MY GOD WHAT A MISTAKE MY HUSBAND AN I MADE THIS SEPT. WE JUST BOUGHT A TIME SHARE WITH RCI AND REALIZED IT WAS THE BIGGEST MISTAKE ARE WE STILL ON TIME TO GIVE IT BACK BASED ON THE FTC COOLING OFF PERIOD LAW.
Hi jasmine,
As far as I know, real estate, insurance, securities and automobiles etc are exempt from the FTC Cooling Off Period law. I don't think you will be able to cancel the deal depending upon this law. However, to be on the safer side, I would suggest you to consult an attorney in this regard.
Thanks,
Jerry
As far as I know, real estate, insurance, securities and automobiles etc are exempt from the FTC Cooling Off Period law. I don't think you will be able to cancel the deal depending upon this law. However, to be on the safer side, I would suggest you to consult an attorney in this regard.
Thanks,
Jerry
I was contacted by the sales rep. who said he could sell my Grandview,Vacation RCI 452000 pts. because he sells at live presentations for $32,500. He asks for $691 deposit up front refundable upon the sale. Is this company legitimate?
Hi Margaret,
It is quite difficult to let you know whether or not it is a legitimate company. Check out their official website and try to contact the people who have taken their services in order to know their feedback. Moreover, you can even check out their BBB rating in order to get an idea about them.
Thanks
It is quite difficult to let you know whether or not it is a legitimate company. Check out their official website and try to contact the people who have taken their services in order to know their feedback. Moreover, you can even check out their BBB rating in order to get an idea about them.
Thanks