Your ability to obtain a Deed in Lieu of Foreclosure and termination of your timeshare ownership usually depends on whether or not you have paid the principal amount on your timeshare, and whether or not that particular resort is accepting deedbacks. If you have paid the original balance and only pay your annual maintenance fees, a Deed in Lieu is much easier to obtain that if you still owe on the timeshare itself. Be aware - in accordance with the changing economic times, many resorts are refusing to accept deed backs under any circumstances.
Timeshare is Paid Off
1) Pursue the deed directly - Contact your home resort and inform them of your inability/unwillingness to continue paying the maintenance fees associated with your timeshare property. Ask directly for a deed back/Deed in Lieu of Foreclosure; you may be charged a recording fee for this transaction of anywhere from $50-$500.
2) Pursue the deed indirectly - Simply stop paying your maintenance fees. Eventually your home owners association will turn your account over to a 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. Make it clear to the collection agency that you have no intentions of bringing the account current and would like to discuss options for terminating your ownership. If you are an owner at property where deed backs are still accepted, the resort will accept a deed-in-lieu of foreclosure to sever all your ties with the timeshare property.
Still Owe Money on Timeshare Balance -
Your lender's 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.
