Original Message:
Re: Re: My timeshare is paid in full, but I just don't want it anymore (by JoAnn P.):
johni116 wrote:JoAnn, this topic has been mentioned and discussed on Tug. (www.tug2.com) more than once. Florida is an anti-deficiency state regarding timeshares. You can read the section on foreclosures by looking up the Florida Statutes under the "Buying, Selling and Renting" topic. Basically, the resort has to spend money filing foreclosure papers and pursuing you. But, the most they can do to you is take back the timeshare and report you to the credit bureaus. They cannot sue you for any money. You could see a drop in your credit score, but that is all. Some resorts report - some don't. The resort probably doesn't want to let you do a "deed in lieu of foreclosure" because that would set a precedent that they don't want to start. They are hoping that you just comply and start paying again. Your best bet is to ignore them and not object to any foreclosure proceedings. When the collection efforts fail, they may offer you a deed in lieu of foreclosure, which they should have offered when you called.The state section of law to review is 721.855. You can find it on Tug in the Florida statutes.
Thank you, John I. for the info. I haven't accessed Redweek or Tugs in many years as I & my husband just recently decided we can't continue to pay the maintenance fees, so not very familiar with these sites. I will try to find it on Tug & read up on it. Thanks again. Just to clarify - a "deed in lieu of foreclosure" is what I would want them to offer me? And then I assume we would sign the deed (?) over to them? Just wondering about what docs we will have to deal with & of course, what costs are involved to us in foreclosing.