Original Message:
Re: Re: Re: My timeshare is paid in full, but I just don't want it anymore (by KC):
joannp127 wrote: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.
Many resorts will not accept "deedbacks" under any circumstances, but you will not know your particular resort's policy or practices until and unless you ask the right people. Do NOT rely upon on any input or commentary from desk clerks answering the phone at your resort, as such resort employees have no authority to make any such decisions (and no legal standing to even address or discuss the matter at all, quite frankly). I suggest that you make your "deedback" request in writing, sent directly to your resort HOA President. If you make it very clear in your correspondence that you are not going to pay any more maintenance fees and that the HOA can either accept a deedback or go right ahead and foreclose right now, their decision might fall in your favor. Make their two (and only two) choices crystal clear.
You won't need any documents beyond a copy of your deed. If you don't have a copy, one can be easily retrieved from County records. If your resort agrees to accept the "deedback", they will provide you with a quit claim deed to sign your ownership over to the HOA. Policies differ among resorts regarding costs. Some charge a few hundred dollars to cover the time and expense involved in preparing (and then recording) a new deed with the HOA becoming the new "grantee". Some HOA's require payment of the equivalent of a year's worth of maintenance fees (two years, in some cases) as a condition of accepting a "deedback". Any and all such policy and practice details can be provided only and directly by the individual resort HOA itself (once again, NOT by resort employees just answering the resort's phone. Good luck.
P.S. The above information assumes and applies to timeshare ownership at a "independent" (non-chain) resort. If the ownership is instead within a "chain" (Wyndham, Westgate, etc), "deedbacks" are generally a matter of standardized policy (and cost) for any ownership within their "system". The Wyndham "deedback" program does not have any costs at all (although they will not just take back any and all ownerships; they are selective). Wastegate, on the other hand, reportedly charges $1,800 currently --- for the "privilege" of taking back a timeshare that the greedy b#st@*ds sold at a grossly inflated price in the first place. Isn't that so very kind of them?