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.
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There is no doubt that you can save thousands of dollars buying foreclosed properties. In most instances, foreclosed properties can be purchased at a public auction for just a fraction of what they are worth. If you are considering timeshare, buying a foreclosed vacation property may sound alluring, but there are many hazards and pitfalls that can make it more of a headache than it is worth.
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This question comes up a lot on timeshare forums and blogs, and it can be complicated depending on the exact procedures outlined in your particular contract. There are a few main points that stay the same regardless of whether you have a deeded timeshare or right-to-use, and whether or not you have paid off the entire amount of the timeshare. The following is a description of the steps that will take place if you decide to throw in the towel and allow your timeshare to go into default, leading to timeshare foreclosure.
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