Report Abuse

[Q=danielc496]My unit is deeded and fully paid for......what if I do a quit claim deed back to the resort? My next question is do foreclosures on time shares effect your credit, or do creditors "get it".[/Q] First of all, a Quit Claim Deed is not quite what it might sound like. It does not mean that you just sign a form, hand it in to the resort, and then you are clear of the deed. The resort has to agree to take it back, whether willingly or reluctantly. You can ask the resort's Homeowners' Association if they will take the deed back. They might say Yes or might say No. Sometimes, if they say Yes, they will ask you to pay closing costs and maybe even the next maintenance fee. As for if creditors "get it", I don't think it will mean anything to your current creditors if your unit goes into foreclosure. What you might be worried about is possible future creditors and if they will "get it". I guess that all depends on the creditor. Some might see your credit score or history being affected and raise interest rates. Some might see you as a risk. Others might take the opposite approach and see that you have shed yourself of this yearly maintenance fee obligation and now have more money to work with. My suggestion is, before simply letting it go into foreclosure, try finding a buyer or taker for your unit.