Original Message:
Re: Re: My timeshare is paid in full, but I just don't want it anymore (by KC):
megann74 wrote:I am in the same or similar boat. I own a deeded timeshare with Vacation Village at Parkway in Florida. The mortgage is paid off and only maintenance fees are due every other year at this point. That being said, it is deeded in my name and another party that I have no contact with any longer. How do I go about getting my name off of the deed, or how do I, at least, get out of this? I know Vacation Village does not buy back, I already asked. I have almost perfect credit and have worked hard to get it that way. The other party does not care about their credit and has many judgments against them already. I just want out and to not have my credit trashed at the same time.
Whether or not you are still in contact, you and the "other party" on that deed remain equal co-owners; you each share equal legal and financial responsibility for that timeshare.
If you now have no contact with the other co-owner, I don't see how you could obtain their notarized signature as "grantor" on a new deed (with you as the other "grantor"), making that "other party" the new (and sole) "grantee" (...something which they might very well want nothing to do with anyhow). In truth, at this time, you cannot even give that timeshare away for free on your own, since both you and the other co-owner would have to sign (notarized signatures are required) as "grantors" on any new deed --- to any "grantee".
I am not offering you legal advice, or any input intended in any way to be a substitute for obtaining professional legal advice. I will merely point out that if you simply stop paying the maintenance fees, there will be a foreclosure at some point (likely not for 1-3 years and likely not before some "collection" efforts). However, the good news is that since Florida is a "anti-deficiency" state with a non-judicial foreclosure option, there is literally nothing else that VV can do besides foreclosure --- just AS LONG AS you do not object in any way to the foreclosure process. With no loan default involved, it is highly unlikely (not impossible, but still highly unlikely) that there would ever be any negative credit report consequences for you in the aftermath of that future foreclosure.
Good luck.