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CalAttorney2
CalAttorney2, Lawyer
Category: Real Estate Law
Satisfied Customers: 10238
Experience:  I am a civil litigation attorney with experience representing HOAs, homeowners, businesses and others in real estate matters.
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I OWN A SHARE IN "tRAVEL RESORTS OF America" Camping resort

Customer Question

i OWN A SHARE IN "tRAVEL RESORTS OF America" Camping resort in Pinehurst NC.I want to surrender the deed in lieu of continuing to pay the maintenance fees.Why cant I ?
Submitted: 12 months ago.
Category: Real Estate Law
Expert:  CalAttorney2 replied 12 months ago.

Dear Customer,

I am sorry to learn of this situation.

A "deed in lieu" is an agreement between the creditor and the borrower, where the creditor agrees to accept the security (in your case the membership) back from the borrower (which is valued at less than the full value of the debt) in exchange for waiving any future claims.

If the lender is unwilling to agree to this, you cannot do it.

Check your contract carefully, there may be cancellation terms in the contract language that permit you to buy out your share, or some other mechanism to terminate your membership. Do not rely just on the representations of the representative, but read the contract carefully (if you no longer have a copy, ask for one).