Question
My wk13 Orlando timeshare is in foreclosure, the resort want me to do a deed in lieu of foreclosure, should I?
Any Timeshare experts out there who can help me with some advice? My wk13 (RED) is in foreclosure, I owe 6 months, they want me to commit to paying 2months in 1 wk and 2 months nxt wk, etc.,I don;t have the money. They want me to sign a deed in lieu of foreclosure and they will forgive the debt they said.... I am tempted to do it, but what are the tax consequences? Also, I'm very angry at them because they pulled $1700 dollars from my checking acct to pay the maint. fees without my permission, they argued that I agreed to let them do that, I want them to give me my money back. If they give me the $ back, I will owe the maint. fees plus penalties,etc, etc, they said they are going to turn me over to the Lawyers,be liable for Lawyer's fees plus everything else and they will foreclose on the timeshare anyways. I have to make up my mind by Monday.August 17 by 10am pacific. I need your wise and experienced advice thank you soooo much from the bottom of my heart if you participate and GOD bless you.
4 months ago - 2 answers
Best Answer
Chosen by Asker
YES! Take of offer. It less of a hit on your credit.
by Alterfemego
4 months ago
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Other Answers
I am no expert but I think the terms may be something you can negotiate...such as you will do the deed in lieu if they do not give you a bad mark on your credit reports. Not sure but I think you might be able to do that, otherwise you could forego the deed and make them wait a much longer period of time and go through the lengthy foreclosure channels to get the timeshare back...they will probably want to avoid that.
by Janice C- 4 months ago