Timeshare Mortgage and Foreclosure

How can I give back a mortgage on a time share property?

2 Answers

I think what you are asking is how to give back your owned week[s].  So, that is the question I will answer.  Some states have deeds that run for a limited time and others for perpetuity.  Some may have loans on them.  Some may be owned free & clear. But they all have ever climbing maintenance fees.  And even more so than real estate, they have lost 'value' rapidly.  The real question is how much value was there to start with.

If you own a timeshare with no mortgage and want to give it back to the association, bear in mind that that is the same as a deed in lieu of foreclosure.  And that will be recorded in the land records and be a black mark against your credit.  The association *may *be interested in your week, but it is more likely that there is a surplus of foreclosed weeks already in their inventory.  But they may be able to solicit the other owners to see if anyone might be interested in buing it from you.  Even if for the closing costs alone.  This would be the best solution if you simply want to be rid of it without harming your credit.

If there is a lien [outstanding mortgage loan] against the timeshare week, you have a lender to deal with.  A default on a loan which will lead to a foreclosure and a bad mark on your credit.  The problem with weeks with loans against them is that they really do not have much value.  A quick look at eBay will show you what weeks are selling for and it is a sure bet that the salesman at the time of purchase told you it would increase in value.  I have purchased a number of timeshare weeks in the past 10 years.  The only good deals were the ones bought on eBay for a hundred bucks or so.  And that is a high price for some these days.  Even for a 'red week'.  If there is a loan, the first place to start is with the lender.  But expect there to be a deficiency once the disposition of the property takes place.

 

Unfortunately, giving back your timeshare property to the resort the timeshare that you don’t want, is not an option. Why? Because the timeshare developer wants the timeshare to be paid off and even when it is, they want an annual maintenance fee to be paid as well. It results to be a lost cause for them and for no reason will they take a timeshare back. The best you can do to get rid of it is find out how to cancel a timeshare properly.

I'm assuming that your timeshare cancellation rescission period has expired, once this happens, it becomes more difficult to cancel your timeshare agreement, but not impossible. Timeshare cancellation requires lots of time and negotiations with your timeshare resort and, and because of this, very few people can accomplish the whole process on their own, which usually takes from 3 to 6 months. There are many timeshare cancellation companies that claim to get you out of your contract but after you pay an upfront fee, but this is only an extension of the original scam. Therefore, it is very important that whether you contact a timeshare lawyer or timeshare cancel professionals to assist you with your issue, that you do an internet research and investigate the company before making any formal deal with it.