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I OWN A SHARE IN "tRAVEL RESORTS OF America" Camping resort…

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i OWN A SHARE IN...
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: 2 years ago.Category: Real Estate Law
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Answered in 1 hour by:
1/23/2016
Real Estate Lawyer: CalAttorney2, Lawyer replied 2 years ago
CalAttorney2
CalAttorney2, Lawyer
Category: Real Estate Law
Satisfied Customers: 10,244
Experience: I am a civil litigation attorney with experience representing HOAs, homeowners, businesses and others in real estate matters.
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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).

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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).

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