Exit Strategy

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Original Message:

Exit Strategy (by Lance C.):

joew413 wrote:
...we do still owe a considerable amount on the mortgage alone

If that's the case, then nobody is going to want to take on your unit with a mortgage/All owing. Your first step is to pay off the mortgage. However, if you feel that what you have left owing is a lot more than what your unit is worth, then your other option, as unpalatable as it may seem, would be to default on the mortgage and let your unit go into foreclosure.

You will probably face a bunch of collection calls and letters. You will probably face a ding on your credit score or rating, but at least you won't be sinking any more money into this money pit. All that being said, whatever you do, do not go contacting any of these companies, alleged law firms, or charities that claim they can "cancel" your mortgage or timeshare.