How Can I Get a Deed in Lieu of Foreclosure?

[admin]

I have read that an alternative to foreclosing on my timeshare is to obtain a Deed in Lieu of Foreclosure...  How do I obtain this document?

[mandie]

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.

[igomez]

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.

[Jeanne]

Wyndham advised me that there was not a deed so I could not do in lieu of foreclosure.  I have told them repeatedly that I can not make my payments and they still call wanting me to promise to make a payment.  I agree with Dorothy, they can just resell the time and make even more money than what they will make off of me.  I really thought this was a good idea to buy a TS but, never, never, again. They are all snakes that sell TS's.  I contacted my "so called" account manager because he had told me how one of his other clients had a ton of points and was very successful at renting them each year and making a profit.  I thought maybe he could have gave me a contact to get out of my mortgage, he basically blew me off! I have had terrific vacations in great accomdations, but it is not worth the hassels that are attached.  I will not be making anymore payments and they told me I had about 100 days. . I am going to loose a lot of $ but I realize I made a really bad financial descision with the help of the idot sales person.   It is call live and learn.  You out there that have stopped paying please keep all of us updated.

[frisko77]

I'm a canadian resident with a deeded timeshare in orlando. Wrote the board of director's to ask if they would take back my timeshare. Will know more next week. What can they do to a canadian resident if my timeshare is paid off, maintenance fees are paid off. A small assessment fees for the 2 weeks that I still have to pay. Trying to get rid off it but with no success. Can donate it but closing companies charge up to 1,000.00.

[GRO]

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.

[beercan67]

I have paid about 8 grand of 15 grand to Wyndham by way of automatic withdrawals.  I have never been late.  I guess I don't even have a deed  because I took out their 15 percent loan at Wyndham Glacier Canyon in Wisconsin Dells.  Since I am current on payments but it's not paid for, would this be leverage for me?  I have no deed yet.  Can I bail or at least maybe get them to take it back?                                                                                                                                                                                                                         I want to be specific to this particular deal , but I also have 2 126,000 paid for deeds in Pompano, FL.        Thanks, Kyle