Real Estate Law
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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.
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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.
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