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I am a lawyer registered in New York (XXXXXX). My friends and clients are XXXXXXX. 13 years ago, The XXXX bought a one week time share in Vacation Village at Weston, Fort Lauderdale, FL. They were represented by the resort when they bought the time share and when they obtained a mortgage from the resort. The mortgage is fully paid as is all their obligations to the resort. For more than 1 year now they have tried to sell, rent, give away the time share unsuccessfully. Under the contract they signed with the resort, without their own lawyer, the resort has no obligation to help them sell the time share or take it back without any compensation. They own a home (modest) in Glen Cove and need the $900 dollar yearly maintenance fee which covers the time share's taxes and insurance as well as upkeep for the college education of their children. Is there some way they can be freed of this obligation? Please email me as soon as is possible. Thank you. XXXXX
Thanks for your question and good morning.My sympathy here for their situation and dilemma.
Here they can contact the timeshare Vacation Village and ask about a deed in lieu.In that situation the lender agrees to take it back and not pursue deficiency.It is also possible to donate timeshares.This is a viable option to avoiding foreclosure.
Donate for a cause is one such organization.
The problem here is that if they foreclose on this in Florida it is a judicial foreclosure and if there are any lawyer fees, maintenance fees, court costs, etc they will have a judgment against them in Florida which would then be enforceable here out of state.So either a deed in lieu here or a donation would be better options to get this out of their name.
I would encourage them to look into a deed in lieu with the time share and also donation as lesser options to avoid foreclosure.As you probably are aware timeshare reselling in our present economy has become really difficult.
It has been my pleasure to assist you today.
If you have more follow up please let me know.Thanks again.
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Here is a second timeshare donation group and they look like the best choice donation wise.
I wish them good luck with either a deed in lieu or donation of the timeshare to resolve this matter.Thanks again.