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Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 39407
Experience:  30 years in civil, probate, real estate, elder law
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I got talked into a time share deal at a resort. I lost my

Customer Question

I got talked into a time share deal at a resort. I lost my income at the present time and can't afford making the payments. I owe around $30,000, and am several payments behind. What happens if I quit payments? What are my options? Thanks, ***** *****
Submitted: 3 months ago.
Category: Legal
Expert:  Ray replied 3 months ago.

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

Expert:  Ray replied 3 months ago.

Contact the timeshare and ask about a deed in lieu.In that situation they accept the timeshare back and no deficiency suit or judgment.This is the best you can do here.If they will not accept that they cn seek to foreclose and seek a judgment if you owe money on it.I would tell them you are teetering on Chapter 7 and you would like to resolve it prior to filing and deed in lieu.Maybe they agree to do so.They would provide you with the Deed in Lieu and instructions about signing and returning.This would ding your credit a bit but the best outcome you can get.I hope they will agree here it is worth a try.Emphasize your dire situation and threat of Chapter 7.

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