Deed in Lieu of Foreclosure for Timeshare

Mountains in CanadaWhether 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.

142 Responses to “Deed in Lieu of Foreclosure for Timeshare”

  1. marie says:

    We thought we were almost done with a quit deed after we scraped up enough money to pay what they said would be the final pay off except for the 100.00 filing fee. Then we get the notice that this couldn’t happen until the maintenance fee and the special assessment is up to date. what is this and if this is paid is it finished??

    How do these vultures sleep at night?????

  2. Jen says:

    I just received a Notice of Default letter from the timeshare. Is this the same as a foreclosure letter? I need a bit of help making sure i understand this letter and reading between the lines if there are any.

    The letter says “under the terms set forth in the note, we may demand from you the full payment of the netire balance due on said note in the amount of $—, including interest accrued to date. However, we propose as an alternative, to accept your ownership in full satisfaction of full obligations under the note unless you object within 20 days after receipt of this notice of default.In accordance with the terms of note, if you do not object in writing 20 days after delivery of this notice of default, you shall have deemed to have consented to the retention by holder of ownership in satisfaction of the secured obligation, thereby accepting the forfeiture of all of your rights and privileges pertaining to the ownership and the repossession of the points in lieu of pursuing any deficiency against you”.

    Can someone clarify this for me? It looks like they will take back my timeshare but are they saying i still have to pay what I owe or no?? Or if they take back ownership I wont have to owe anything and all my rights to the timeshare are forfeited?? I want to make sure I make the right decision and I definitely do not want this timeshare any longer so i do not object one bit. Of course I didnt make the right decision getting this timeshare in the first place so I want to make sure Im making a wise choice.Thanks everyone for your help.

  3. Jen says:

    How long does it usually take when you stop paying to go into foreclosure? I hate this…worst mistake ever. I stopped paying for 6 months now waiting for my foreclosure notice.

    • bill says:

      Hi Jen – you won’t like this answer.
      If you are still paying on the timeshare principle, they usually foreclose in less than 6 months.
      If you just owe maintenance fees, they could wait up to 4-5 years, although some Las Vegas timeshares foreclose in 6 months

  4. bill says:

    Hi Jay, this is the TS board’s attempt to get you to keep paying maintenance instead of having a property that they need to get someone else to accept. I suppose some number of owners will keep paying in order not to have a collections item or foreclosure put on their credit report.

    I think that it is a normal expectation for Blue weeks and perhaps some white weeks to be problems giving away. If they also do this for a red week, I wonder about them since you would think they could give red weeks to the points program.

    • Jay says:

      Thanks for the reply. I’m dealing with the (volunteer) board – am nor sure they really understand any of this – it’s simpler for them to just say “no”…

      I own a “value” week – I can choose a week in either May or November. Not sure where that compares for blue/white/red weeks. I haven’t had any luck at all trying to sell it or give it away – any ideas? I’m not looking to get anything out of it – would like to find a charity, etc., that isn’t a scam.

  5. Jay says:

    I purchased a TS on eBay about 5 years ago. It’s fully paid for, but I no longer use it. Have tried to sell/give/donate it, but there is no market for it. I contacted the TS board, and they said “we are no longer accepting Deed-in-Lieu. You can list it for sale with Marriott, but the list is very, very long, or sell/donate it, or can let it go into foreclosure – but that’s a long process, and will affect your credit score.” My question – can the TS Board refuse to take a Deed-in-Lieu? They are forcing me to go through the foreclosure process, which will ultimately result in a deed-in-lieu anyway – what’s the point of that?

  6. Bart says:

    Lots of great information on this site.

    My wife and I bought a TS in Fort Lauderdale; Gold Crown Red.
    In 2000. It is paid for… But maintenance fees are billed every 2 years. And are up to date.
    We live in Canada.
    We have Never used it – ever.
    Maintenance fees are around a grand per year.

    She just filed bankruptcy. I have just undergone surgery – MAY be back to work next year – if I can find another job…

    Any way I called the TS company – spoke with the Head Sales Manager – he said he would take back the condo – but I must pay a nominal $250 US fee to transfer the ownership.

    Sounds legit ! Sounds reasonable. Is it ?

    Our bankruptcy lawyer said – just don’t pay anything. What can they do – we R in Canada – they are the US ? Just send them a letter expressing that you will be making no more payments period.
    And sign the ownership transfer – and its their problem.

    Is that true?
    Or should I find $250 US to walk away?
    WIll they actually let me walk away ?
    Please let me know my legal rights AND responsibilities.

    • bill says:

      there is really nothing they can do to you if you don’t send them money except send collectors after you who will want cash. They can’t get anything in court or after their foreclosure.

      As long as you don’t mind collectors calling and filing collections notices on your credit report, just don’t pay, especially if you already filed bankruptcy and that has lowered your credit score.

      Is it worth $250 not to get the calls? or as another has said, you could send the letter saying not to call you, and you won’t even get the calls.

      • Bart says:

        OK. That is helpful.

        now just to clarify – my wife has filed bankruptcy – I have not.
        Does that matter?
        Both of us are on the deed.

        One more question if I may;
        I have heard mention of filing a loss when U do taxes.
        If my Condo is valued at $10 grand (??) can I claim a loss at tax time?Of 10 grand?
        What form do I need? And then will I need the cooperation of the TS people ?
        ThanXagain for all your assistance.
        We really appreciate it.


        • VS says:

          Check with an accountant. We are in the States but ours said TS will be seen as a loss as an investment if we let it go into foreclosure. We were concern becuase Ts co. said they report to irs here in states as

        • Jean says:

          Check with the IRS. TS maintenance fees are not applicable to us. Not sure that a loss is acceptable also.

    • Jean says:

      Believe your bankruptcy lawyer…..

    • Bart says:

      Thank you everyone.

      You have ALL been very helpful.
      I M currently waiting for the papers in the mail.

      I will keep U posted as things develop … or hopefully RESOLVE.

      Thanks again,

  7. bill says:

    they are trying to drag it out so that you will pay the MF instead of not paying.
    just ignore them. it is nothing but greed.

  8. Pam says:

    My father recently passed away and was the sole owner of two timeshares. One in Las Vegas and one in Orlando. I called the companies to inform them of his passing and asked what I needed to do to return these timeshares to each company. I was told by both of them as well as RCI that they needed a letter from myself and my siblings stating we do not want the properties (and points), and a copy of the death certificate. I have only heard back from the Vegas timeshare so far and have been informed that they must go to foreclosure proceedings when the MF become due next year. The timeshares are entirely paid for.

    I do not understand why they would want to go through the expense of foreclosure when they have this letter on file as well as the death certificate.

    Our fathers estate is not being put into probate. The only items that were probatable would have been the timeshares if we had wanted to keep them. None of us do, and there is no mention of them AT ALL in the will.

    Any advice? Thanks.

    • Jean says:

      Better to contact an attorney who deals with such matters. Every state has different laws. Don’t get confused by others replies. They might not be correct for you. Most attorneys give a free hour of advice.

  9. Darrell says:

    If your Timeshare is paid off, it can be donated to Charity..they will take over the Maintenance fees..they usually auction off TS…

  10. Michael says:

    I bought my timeshare at westgate towers 2 years ago. I have decided to stop making payments, how can this affect me since i do not live in the USA and i am not a US resident? If i do become a resident will it affect me then>

  11. Lana says:

    We like so many of you. We bought our ts in Orlando, Fl in 1987 have used it 5 times. Now the mf are $1000.00 a year and my husband is not able to work. Our money sistuation has changed a lot. We cannot afford the mf, and have received notice of suite of forclosure due to 2 missed mf’s. We have tried to sell this for the passed 8 years with listing companies but all they are a scam artist. We have contacted the ts co and they offer no help or advice. We even offered to give it to them the last time we were there. This industry truely is a deceitful, lying, theivig industry. Lawyers are in on it. It is so hard to get any good information. This is the best site yet.

    • Kris Pillai says:

      T.S. is the biggest rip off of this century. It is like a monkey on your back. You can not get rid of it. You should write to your Congress man
      reporting these atrocities so that they can pass a law protecting families
      in hardship situations, who can no longer afford to pay for the timeshares.
      There has to be a law for the consumer, concerning timeshare ownership.
      Kris Pillai

  12. bill says:

    This week the police in Orlando raided 9 companies that are promising to sell or rent our timeshares if we give them an advance payment — then they do nothing.

    It’s good to see the police finally doing something about these thieves.

    to find the story, enter “Orlando Police Raid 9 Timeshare Businesses” in google search.

  13. Janet says:

    Everyone here (in the United States) should become familiar with the federal law called “The Fair Debt Collection Practices Act”.

    In accordance with this law, once you notify a third party collection agency in WRITING, that you intend to dispute and not pay a debt, they are required to cease all collection attempts, and all further communications with you, immediately.

    At that point, your ORIGINAL creditor can continue to pursue collections, but the 3rd party collection agency can not. If they persist regardless, then you can report them to the FTC, or Fair Trade Commission, and they may not remain in business much longer.

    A deed in lieu of forclosure is preferable to foreclosure, IF you can get the timeshare resort to agree. And if they are still selling timeshares of that particular property, well, legally they do have a responsibility to “mitigate their damages” meaning that if you don’t pay, they have a legal obligation to at least attempt to resell your property interest to someone else, so that could be a legal angle to pursue in court if they haven’t even bothered to try to resell your property interest to another party, in a reasonable time period.

    Best of luck!

    • VS says:

      We were told by Wyndham hey did not have to but that is the one that they did an owner transfer back in Sept still waiting for paper work. Have phoned but be told no papers will be sent then told be 2 months before who knows I afraid we will get hit again in the years to come.

    • brent says:

      I am having that problem, wyndam took back the timeshare and recently i got a 1099c for the full amount that i owe. They didnt resell it and wondering how can they send a 1099 for government to collect when they can resell or write-off. who do i talk to about this info to protect myself and what have to be done?

  14. bill says:

    send the the requirement to verify the debt.
    remond them that the statue of limitations has expired

  15. Margaret Smith says:

    We submitted a deed in lieu of forclosure in 2007 to Atrium Resort in Va. Beach VA for a one week timeshare that we paid cash for in 2001. We were upside down in extreme debt and could not make arrangements with them to pay the maintenance fees that years which were 4 times the normal amount due to renovations. They accepted the deed and we did not hear from them until this year. Now a financial collector is sending us notices for all the maintenance fees from 2007 til present. Is this fair and legal? How long can they continue to do this? We wrote a response sighting the deed of forclosure and that we do not feel we owe these fees.
    Any suggestions how to resolve once and for all? We are prepared to get an attorney if needed.

    • VS says:

      What company is this we just were told one of our properties taken as an owner transfer No paper work yet, but is off the web site ownership with
      wyndham. We still have a pd off property they put it back to a fixed weeek from points that we paid for so now maintence & taxes will be billed at the end of the end I am sure. We have another that is due to go into forelosure Nov 1. Has anyone deal with them at all

  16. Tammie says:

    I think hubby and I are going to let them foreclose on us I am willing to take the hit at tax time

    • Genorese says:

      That is what we did, let the time share go into foreclosure because Westgate was unwilling to work with us. All they offered were empty promises like well we will let you downgrade to a smaller unit blah blah blah. All I heard was yea try to sucker me into another contract and have me paying this for the rest of my life and then leave this debt for my child to endure. Luckily it was my mother and I who signed the contract and though I took a hit on my credit report my spouse is in good standing and this should stop being reported in another year or so. These people are not concerned about personal situations such as loss of jobs or anything they are professional liars don’t believe anything they tell you. And by the way we have only used the week once so no value to us.

      • Tanna says:

        How much did it affect ur credit score? Any idea? I am thinking of letting mine go into foreclosure since I can’t afford it nor is it worth my money! I am only worried if it will have bad implications.

    • Desperate says:

      When you say take a hit at tax time what do mean my husband and I have time share we are trying to get out ofwe owed on 3 so I went and talked to Wyndham to figure out how to get out they said they couldn’t buy it back they also said I would have to get someone elese yo buy it but since I had 2 that were small points desperate my best bet was to exchange two of them in for there one my husband asked how much would it coast to pay off the one they was exchanging us for they told him 3 times 22 thousand and then we would have every year points instead of odd year which would make it Easier to sell and not to worry we would divinely be able to sell the other they also told us not to mention to anyone about selling when we went to sign the contract or they would take it away so thinking this would be a better way to go because on the other we owed 32 thousand dollars and with there consern for our needs we signed and for anyone who’s done timeshare the papers get thrown at you by a speed talker welli got home 6 days later waited 3 days for them to contact me with info on who to sell to by the way I had to call them again for that she emailed me 2 links I contacted them with papers in Hand and started reading it and to my horrified shock we now owe not 22 like they said its 42 thousand and that doesn’t include the other one we didn’t trade and the person who suppose to sell for me said there’s no way it will sell so we called financial services they suck talking to we called the one who sold it to us she was like we helped you out you now have more points we were like points I had no idear I was buying another points package that wasn’t gone over at all and what happened to the 22 thousand that it would coast to pay off she of coarse didn’t have my file and would have to call us back next day guess what haven’t heard from her yet so I called financial again told them the story they go if you feel like you were misrLepresented I had to talk to some elese so I called them told them the story they said that unless there is written proof then it’s hard to void the contract the only thing going for me is the email sent from her with a link to try and redial my timeshare because they are not suppose to do that I sent the copy to him because I told him I went in trying to sell they talked me into exchanging didn’t talk about points and now I’m more in debt I also said I was thinking if forclosing or filling chapter 7 that I can not make these new payment of 750 plus 300 if the other doesn’t sell he says to wait to get a lawyer that he will turn it over to someone and I should here around 7 days about what can be done if any I’ve got a feeling nothing since Wyndham proberly pays his bills my lawyer gets back off vacation in the 2 of July I’m still going to seek his advice but this way I can say I have done everything before I have to kill my credit has anyone had this problem yet

      • bill says:

        I can answer about the tax hit. I’m sorry about the runaround they gave you to get more money from you without helping.

        Apart from Chapter 7, which wipes you clean of almost all debt, Here is what happens if the TS company takes bank a deed on which you still have a mortgage. This does not apply to paid for properties for which you only owe maintenance fees.

        If the TS company takes back the property and cancels the mortgage note, they send a form to the IRS that lists the amount still due on the note. This is on a 1099 or something like that. This is called forgiven debt and considered income by the IRS. The IRS program matches the 1099 to your tax return to see if you have listed that as income. So they expect you to pay income tax on the forgiven amount.

        Some people classify the amount with an offset to eliminate the amount. You would have to talk with your lawyer or tax accountant to see if you can use an offset.

  17. Steve says:

    Tammy we feel your pain. We purchased a timeshare in 1987 at the Ocean Club on Smugglers Beach on Cape Cod. Steyed there only once and have been trying to get rid of it ever since. We’ve tried paying listing companies, listing with the authorized reseller of the resort and now will gladly give it away( and have advertised such) to no avail. To add insult to injury the HOA just whacked us with a $2199 “Special Assesment” all to upgrade a place that we will never ever again use. I am cuurently trying to execute a Deedback and a Deed in Lieu of Foreclosure.

    Time Shares – the gift that keeps on giving!

    • Peter L says:


      Have you had any luck or news since march?


      • Steve says:


        The resort said they will take the timeshare back IF I pay the special Assessment. So we are at an impasse as I have no intention of forking over $2K for that property.

        • Peter says:

          ANy further news? I tried calling them and asked about the deedback and they were not interested. The woman I spoke with found it almost humorous when I asked her about it. I don’t see how I should pay 2K in assessment when the property (my week) isn’t even worth that much. I also requested a detail of where our maintenance fees went and how the were distributed for these renovations back in march and have not received these documents. Any updates would be greatly appreciated!

        • Peter says:


          Any news?

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  19. MELHAM says:

    @tammie, same here. it is nice but its regretful. I hope TS change the rules,it ruins our financial lives.

  20. tammie says:

    Gosh, hubby and I were idiots to buy into the lavish luxury of timeshare. We have 16 children and thought this would help us to enjoy our family. All it has created is sleepless nights and major stress I think we should lobby to change the rules of these timeshares. We have only paid into it for 6 months but due to a death in the family and the addition of three more childrenwe are financially strapped to the top of our 15 passanger van! I feel so helpless when trying to figure out a way out of this nightmare. I don’t mind paying off the balance of my loan but need to get rid of hoa. I made the bill so I know its my fault I don’t blame the ts for making money but I do blame them for not telling us how hard it is to get rid of. Its not like real property because it is all but impossible to get rid of.this is probally the worst decision I have ever made in my life!

  21. Mike Ford says:

    We paid off our timeshare about 7 years ago and we are about to retire and can no longer afford the maintenance fees. Can they attach a lein to our residence or take us to court if we stop paying the maintenace fees. We have called them and emailed them with no response. We have only used it 3 times in 10 years.

  22. beth says:

    has anyone dealt with timeshare out?do they charge upfront fees do they help or another scam?

    • Mike says:

      Beth, I haven’t heard of them but they sound like a timeshare rescue scam. Most of these just leave you in the hanging on the line limbo state while they are supposedly getting buyers and paperwork done. But they require you to still pay all condo fees during this time frame. One more big scam I suspect. I have tried some timeshare resellers and have not found any that actually do something for you. NEVER pay up front. If they ask for up front money equate this with scam!! ($)upfront=SCAM. Guaranteed!!

  23. Bern says:

    Renee, We have the same situation we got scam by Consolidated Resort or Tahiti told us so many lies when they were trying to convinced us to buy even though we told them a million No! my husband don’t have a job They Made you a promised that they will waived this fee but ended up collecting it from you after, giving you an extra week but charged you with a year of Maintenance fee for the free week that they gave you and etc. etc. Harrased you everyday when you can’t make no payment I was in the same boat like you the only difference is, When I fractured my wrist and cannot work for 1 and half month I have paid somebody last December of 09 $1,000 to take care of it promised me that it will take 3-4 months to get rid of it and was advised to change the phone number so they cannot harrased me anymore.Which I did that.
    and still made a monthly payment. Then Consolidated Resort stop sending bills so I thought the Company that I have paid the money did really took care of it. But even then I still send payment until April then wrote them a letter to send me a statement that shows they apply my payment since they never sent me no bill statement. I even said that I will not make a payment anymore because I really can’t afford it no more because my husband still can’t find no full time job or on offwork. Which they know that when we purchased the T.S. in October 07 thats why we don’t want but they never stopped until we gave in. Anyway to make the story short after that last payment and a letter asking for a statement they never send me anything up to now until I got a letter to my Credit Alert that the Consolidated was ruining my credit for the account delinquencies. Tried to contact the Company that I paid the money but they never respond or answer the phone. Now! I recieved a letter from the Collection agency demanding to pay the months that I did not paid since i don’t have no money to pay for it and they already ruin my credit I will not send them a dime. Like Rose and somebody said don’t deal with the Collection agency other wise it will reset everything again. I will just wait and see what will happen?. I will be really happy if I can get rid of this cruel and heartless T.S. Company off me they are really draining peoples money stressing and ruining peoples life too. I will let you know what will happen next? and can you let me know what happen to your case too? if possible okey.I wished we can just think hard about it to make them vanished and go away but it doesn’t work that way.

  24. Kathy says:

    We live in the US and our TS is not payed off yet, we are thinking of stopping payment on our TS because we can no longer afford the fees and monthly payments. We have our TS from Wesgate Branson Woods. Has anyone dealt with Westgate when not making payments, if they end up sending you a deed in lieu of when it is all said and done? Any advice would be appreciated. Thank You!

  25. Jack says:

    I have one question. What happens to people like me who already paid off the Timeshare and only have the maintenance to pay for? Can forclosure be a better option?

  26. Melham says:


    that is correct. the form is called 1099-C (cancellation od debt).

  27. bill says:

    for vams:


    The timeshare lender will report the foreclosure to the IRS. They will show the amount of money that was still owed at the time of the foreclosure as well as the value of the property at the time it was sold.

    Say you paid $10,000 for the timeshare, had a remaining balance of $8000 and the timeshare is now worth $4000. For tax purposes you have a $4000 non-deductible loss (timeshares are personal use property) and a $4000 cancellation of debt income. If you are not insolvent or bankrupt, the $4000 will be added to your income in the year of the foreclosure as ‘other income.’ (The loan is considered separately from the property so the $4000 loss doesn’t reduce the COD income at all.)

  28. workedfortimeshare says:

    In regards to the Island One issue. If your were not present at the time of signing the new contract, then you are not legally bound. You should send a letter to the VP over the maintenance and tax division or call 407-859-8900 for her e-mail address. Let her know you can prove that you didn't sign the new agreement and therefore your signature was fraudulently used. Make them prove you were there that day. Please note, if they have a prior copy of your DL and credit card information on file, they can possibly piece information together. Figure out where you were that day and prove to them that you couldn't have been in their presence to sign off on such an agreement. At the end of the day, if you don't pay, you will continue to receive calls, but the only person really losing here is the resorts. They need these contracts to keep paying in order to make money to operate or pay down the enormous loans they have with financial institutions that pay them upfront to operate. Timeshare is going to hit rock bottom before it see rocket profits again.

  29. yams says:

    Thanks Rose. What is it that we will have to pay to the IRS when we foreclose on timeshare? I've been researching and reading so much online that I can't remember everything I've read.

  30. rose says:


    I also tried to contact ProfessionalServices..hmmmm they asked also upfront fees..they seems to be all connected dont trust anymore, we have the same amount owed, but im ready for foreclosure rather pay IRS than to transfer the nightmare to my children, only deal with wyndham directly (by writing) not to anyone they are all scam.

  31. yams says:

    Has anyone ever dealt with They claim to be consumer advocates for timeshare owners who've been pressured and lied to by timeshare salespersons. They say that they hate timeshare companies taking advantage of people and will represent us in our complaints and they claim to have a money back guarantee if they fail to get us out of our timeshare contract. However they want $4,000.00 upfront to do this!!? I'm scared of getting ripped off again and I don't even have $4,000.00 or I wouldn't be behind 4 months in my timeshare payments if I did!! Anyone out there ever had dealings with them? Or can we just wait and see if the timeshare will actually take action?

    I like Rose's June 3rd 2010 comment "don't talk to collection agency. Wait til lawyer gets a hold of you." Professionaltimeshareservices said when that happens it's too late for them to help us (PTS)and that then we're looking at paying much more for an attorney to represent us. Are they just saying that because then we find out that maybe this won't cost us anything to get out of??? We have a $42,000.00 contract at 11% with Wyndham and it's adding interest and late penalties as we speak. Not sure how to deal with this one. HELP!!

    • Eduardo says:

      Can you tell me how is your situation now? I already paid my timesharing but Today I decide do not pay anymore the taxes andmaintenace fees now what is happening?


  32. Melham says:

    in a bind,

    dont believe these people, TD advocate ,professional LLc, etc they all want upfront fees, they are all connected in making money that's how the TS network goes there are a lot of how to make money in TS either you continue or foreclose they still make money , they ruin people's live , dont ever trust , buying TS was already enough.

  33. In a bind says:

    Any suggestions on a good attorney that won't screw me over or charge me out the nose?

  34. In a bind says:

    Yes I've tried renting it, and listing it with a company to sell. I'm out $1,000 for listing it for sale with 2 different companies, it hasn't sold and it's been for sale for over a year now. I have talked to 2 attorney's, one wants $3500 to help me with this matter and get me out of it, the other one wants $500 upfront to review my purchase contract and send a letter to the TS company, I asked him about representing me through the end of this or through a foreclosure and he said it could cost from $500-$5000 depending on how stubborn the TS company wants to be on settling this. What now?

  35. Jean says:

    Have you tried to rent it out? See an attorney?

  36. In a bind says:

    I have a Lawrence Welk Resort in CA and I notified them last year of my job loss and asked if there was anything I could do and they said NO. I have been struggling to pay the monthly payment (I owe about $7000 left on the TS) and their maintenance fees went up $400 last year. I didn't pay last month and closed my check card and had a new one sent to me so they couldn't draft it anymore. They won't work with me on deeding it back, payment modification, NOTHING. Any suggestions? I don't want it anymore and I've paid 2 real estate companies to try to sell it and they have been on the market for 1 year now and no hits or bites on it. Any suggestions? HELP

    • metoo says:

      I have Welk too, and they just sent me paperwork for a deed in lieu of forclosure. They sent me the foreclosure paperwork first, and I did not contact them; I was waiting to see what I could do. then I get this, and I am SO GLAD. hope Welk works with you.

      • thissucks says:

        metoo was your TS already paid off? If not, how long did you stop paying until they sent u the deed in lieu of forclosure. Ugh! I just want to get rid of my TS so badly..this purchase is such a waste of money, I wish I did my research first!

      • HeatherRoo says:

        I am also in a Welk Nightmare, just wondering how yours worked out? Did you still owe anything? How long did the deed in lieu of Fordosure take? And did you still have to pay anything after?

        Thanks for your help

    • patricia says:

      We also have a welk timeshare that we got in april of 2008. This is a total financial burden on us. We have never used it nor intend to use it, we just made a horrible financial mistake. The saleperson totally lied about everything. How do I go about fixing this nightmare?

  37. Rose says:

    renee, base on some postings, "dont deal with the collection agencies nor paying a single cent..otherwise a clock will start again." all they want is to collect they wont listen to what ever reason, wait till they have a letter fron the company's lawyer not from collection agencies"

  38. Rose says:

    reyna, you are very right, they cant do anything if we cant afford anymore nor they get something that we dont have. I hope its just like Insurance ,that if we cant afford the premium then we are no longer covered and that's it, but with this TS they get more money from us in advance, we dont get anything just a service from vacation , unlike buying the car we have the care. TS concept is unbelievable, in reality we were the one who gave them money. I am taking the risk in my credit score, at least I can pay some important bills and credit cards which is more important. Life change, in this time of hardship TS is first to let go.

  39. reyna says:


  40. renee says:

    Hi, I stop paying my Timeshare for about 10 months now, since then consolidated resort continue to send bills and every month principal balance continue to rise at the same time. Today i received a letter from the collection Agency to make voluntary arrangements for payment to their client Tahiti Village. I know I cannot afford anymore to continue paying due to financial hardship.What should I do at this point the Collection agency wants to hear from me with in 30 days from the day I received the letter and also the amount that they're trying to collect from me it got almost the double from the original loan. Please, I need an advise don't know what to do.

  41. Kamala says:

    Hello, in Dec. 2006 I sign an modification and extension of mortgage from my timeshare I have the legal documents but on the due date of which was January 2007 they they call me to informed me that they could not accept the modification. I recieved notice of foreclosure on my timeshare.What shall I do.

  42. kris says:

    hi. I have not paid my timeshare since late last year and have been offered a deed-in-lieu of foreclosure. I am in the process of doing all the paperwork. I want to find out if anyone out there has been through this and what happened afterwards. Does the DIL guarantee that we will not be pursued after? (That is what is written in the paperwork I received, that my debt will be forgiven). I am also worried of possible tax consequences. Can someone explain or advice? Is there anything I can do to minimize my losses further (money-wise, as I don't have a job and cannot afford to pay hefty taxes). Also, I am not a US resident, but have intentions of immigrating there.

  43. Sue says:

    Darlene, Just a word of advice. I asked about this. When you donate your timeshare, you may claim on your income tax what it was resold for and not what you paid for it or the current value. If you return the deed, you may claim the current worth minus what you paid for it. That really doesn't seem fair either. Either way these timeshares are such a racket. I have been trying to get rid of ours for several years. I have contacted the resort owners and they are considering the return of deed in exchange for not owing the maintenance fees for the past two years. Its just a shame. We have tried to sell it through newspaper ads, ebay, and a realtor to try to recoup at least some of our money. We just absolutely will not put out any money to a reseller because there are no guarantees that you will get money back. That is just another scam.

  44. Darlene says:

    I purchased a timeshare at Fairfield Cypress Palms in 1997. It was paid off in 2003. I never used it. I stop paying and spoke with someone at their company headquarters in Las Vegas. We discussed options and he suggested I donate the timeshare or return the deed. I have been getting threating mail for 4 years. It is owned by Wyndham. This article states that my timeshare should have been in foreclosure. The fees are still going and it is up tp $10,000. Four thousand more than I paid for it. Please tell me why this has not gone into foreclosure. I know that I do not understand much but I believe they will try to take my home or garnish my pay.

  45. Geno says:


    I just have a question about a timeshare once it has been forclosed upon. My mother bought a timeshare in Orlando that was never used and since has been foreclosed on. How do we find out if the timeshare has been resold, and the amount, so we can know what her obligation is after the resale. Thanks in advance for any info about this.

  46. fraud victim says:

    My ex and I own at Orbit One (an Island One resort). We got divorced in 2000 and he got that timeshare as part of his settlement. He never did the paperwork to get me off the deed, however, because it didn't seem necessary. In 2004 he got suckered into joining Club Navigo for $3000, which converted his weeks to points. Because my name was on the deed, HE FORGED MY SIGNATURE ON THE MORTGAGE AND JOINDER! The salesperson witnessed it and noted that he had seen our drivers licenses as proof of identity. I knew nothing about it until last week when I got a letter from them stating their intention to foreclose and asking for deed in lieu of foreclosure. I called and explained that I knew nothing about it, and got them to fax me copies of the documents. From there I recognized my ex's handwriting.

    I have perfect credit; he is in bankruptcy and his house is being foreclosed on. I offered to pay the $1200 remaining in return for him signing over his interest to me but he's so smart that he's going to sell it-ha ha, won't happen.

    I can't sign it over to Island One because the divorce decree awards my interest to the ex. I've notified Island One that my signature was forged. If they go ahead with the foreclosure, they will have to go against me because my name is on the deed!

    Any advice out there? although I believe my ex did the forgery (he denies everything of course), their salesperson is culpable as well because he witnessed the signatures and attested to me signing when I didn't. I think their salesman is guilty of fraud and aiding & abetting forgery? Is the whole contract invalid? What can I do to get out of the situation without running up legal bills and having my credit damaged?

  47. keny says:

    I get a clearer picture now thanks to you. by the way i'm am the same Keny which you have replied on the other post.

    one more thing: would it be the best to contact the TS management and tell them that i'm not able to pay the MF anymore to see what options they can offer? or is better to just stop paying without giving any notice …

    thanks again.

  48. mandie says:

    Hi Keny,

    The amount owed on the property depends on the amount already paid on the principal balance and what the lender was able to resell the property for after foreclosure. For example, if you bought a $20,000 timeshare, and paid $2,000 on it before you foreclosed you would still owe $18,000, and the lender could possibly sue you for this amount. Lenders also sometimes will resell the property and hold the previous owner responsible for the difference in what they owed vs. the amount the property was sold for.

    That said, it is not very common for lenders/resorts to go after timeshare owners that have foreclosed on their properties. The reason for this is because there is a lot of cost and time involved in pursuing a lawsuit against someone that has gone through with a foreclosure; it is more beneficial for the timeshare companies to keep reeling more people in and selling more timeshares rather than going after people who have not paid.

    Hope this helps a bit:)

    • MikeC says:

      I have a timeshare that I owe $5000 on and have fallen behind on payments and have never used the timeshare since we bought it in ’05. Should I take may chances with foreclosure or pursue a deed in lieu in order to get out of this nightmare.

  49. keny says:

    Hi mandie,

    in the 1st section of the article it says "the former owner may be responsible for any applicable legal fees and/or amount owed different than what the property was resold for".

    Any idea on how much money can this be?? I'm starting the 2nd year out of 10 on the payments for a TS in Orlando and i dont want to do that anymore. i'm not a US resident and based on what i have read on your post "what-happens-if-i-stop-paying-my-timeshare/" the credit record is not an issue for non US residents, since it applies only within the US.

    Finally, what do you mean by "I have found that many timeshare resort property owners do not take this extra legal step"?

    thanks for the advice.

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