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,
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.
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,
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).