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Andrea, Esq.
Andrea, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 11851
Experience:  I have practiced law for 25 yrs. with an emphasis on real estate, business law, criminal defense and family law.
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In need of some advice I have the two timeshares that I have

Customer Question

In need of some advice
I have the two timeshares that I have tried to get rid of but without luck. In Jan 2013 I filed a Quit Claim Deed on both and made official records (1 in Fl (orange county) and the 2nd in SC (Myrtle Beach), well they were not accepted by Sheraton Vacation Owners.
NOTE: Timeshares were purchased as joint efforts but after divorce I took both to pay off however leaving the deed in both names. So whatever happens here I assume will affect my ex as well, and if so OH MY :)

So now I just received a Foreclosure notice. Your thoughts of getting out .......Both are paid off with just yearly maintenance fees, but I am guessing that the timeshare bunch wants to keep getting the yearly fees since its getting harding to sell.

Anyway, I just read about Agreement in Lieu of Foreclosure then another document (once agreed to) to convey ownership.


BotXXXXX XXXXXne, what to do they wouldnt accept my Quit Claim Deeds, now it seems the hammer and threat of foreclosure is their next move, is it just a power push to scare or is this something that can affect my credit?
What should I do?





Thank you for any guidance



Tim
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Andrea, Esq. replied 1 year ago.

Hi, my name is XXXXX XXXXX I will be glad to assist you in any way that I can,

 

A deed in lieu of foreclosure is where an owner gives a deedto property to the lender so that the lender will not foreclose on the mortgage and there will be no foreclosure on the owner's credit report. This is comparable to what you did when you offered the Quit Claim Deeds back to the seller.

 

You are correct that they want to continue to receive the annual maintenance fees. Timeshares have developed a bad reputation because of some of the shady dealings that used to take place with the sale of timeshares. So, today, even where a timeshare developer is totally above board and is selling excellent timeshares, people still have the shady dealings of the past on their mind and shy away from buying them.

 

I do not think that their threats of foreclosure are scare tactics because developers have foreclosed and do continue to foreclose on timeshares because of nonpayment of the maintenance fees. So, if you have not been able to sell your timeshares, you might have to let them foreclose on the timeshares for nonpayment of the maintenance fees. However, you could give it one last try by communicating with them in writing and telling them (whether this is true or not) that due to divorce, you absolutely cannot afford to pay the maintenance fees, and you would be glad to offer them a deed in lieu of foreclosure. If they refuse, you might want to ask them what it would take for them to accept a deed in lieu of foreclosure. You did not say what the maintenance fees are, or how much you owe them, but you might want to offer them say, $1,000 along with the deed in lieu of foreclosure. It might seem like a lot of money, but when you think of it as helping you get rid of something that you consider a burden, it might be worth it to offer it and it would prevent a foreclosure from appearing on your credit report.

 

I realize that this Answer is not exactly what you wanted to hear and I wish there were more options available that I could offer, but I have an ethical obligation to you to give only correct Answers, so I am respectfully XXXXX XXXXX you not hold the law applicable to your situation against me because when rating me, you are rating the service I have given you and not whether you like or agree with the law applicable to your situation,

 

 

Please be kind enough to rate Excellent Service" so that I receive credit for assisting you, it will not cost you anything additional to give me a positive rating, and that is the only way I can receive credit, Thank you for understanding,

 

Positive Feedback and Bonus are always welcome,

 

If you receive a Customer Satisfaction Survey from JustAnswer, Please rate a 10 as it gives me a greater opportunity to assist other customers on this website and is greatly appreciated,

 

 

Thank you for allowing me the opportunity to assist you,

 

ANDREA

 

 

Andrea, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 11851
Experience: I have practiced law for 25 yrs. with an emphasis on real estate, business law, criminal defense and family law.
Andrea, Esq. and 11 other Real Estate Law Specialists are ready to help you
Customer: replied 1 year ago.


Thank you for the quick response, that is what I didnt understand, regarding a form of paying something along with the Agreement in Lieu of Foreclosure. There is nothing owed, just maintenance fees and I am assuming interest for not paying fee in Jan. Anyway, maintenance fees for both are about 1,100.00 for each. So hopefully they are not wanting more than the current fees.


Thanks again


Tim

Expert:  Andrea, Esq. replied 1 year ago.

Thank you for the "Excellent Service" rating, I appreciate it greatly. You cannot imagine how many questions like yours we receive each week, from people who have found it impossible to sell their timeshares and I give them the same suggestion which I gave you. I wish I could offer more options, but there aren't any. Even charitable organizations are refusing to accept them to raffle off at fund raisers.

 

If you have any questions in the future, please feel free to ask for me by typing my name at the beginning of your question, like this,

 

 

"For Andrea ........... "

 

 

Thank you once again for allowing me to be of service,

 

 

ANDREA

 

 

 

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Andrea, Esq.
Andrea, Esq.
Real Estate Lawyer
11851 Satisfied Customers
I have practiced law for 25 yrs. with an emphasis on real estate, business law, criminal defense and family law.