NEED TO RETURN TIMESHARE

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Original Message:

Re: NEED TO RETURN TIMESHARE (by R P.):

davek194 wrote:
jayjay please get your facts correct. Foreclosure due to non payment of a loan is NOT a foregone conclusion. It IS DEFINATELY one of the potential outcomes, but there are others such as a WDIL = warranty deed in lieu (of foreclosure). This basically forgives the outstanding loan and reverts the TS back to the owner. (NOT the same as a deed-back). It can result in a tax liability to the payee (in the US) depending on the amount foregiven and the current value of the property. Westgate (and SOME other TS owners) use this route as a means to avoid their costs associated with foreclosure since they don't report regular loan activities to the credit agencies as part of their normal course of business.

If you had explained what WDIL was in your previous post then I would not have responded as I did. In some cases some resorts will accept a deed in lieu of foreclosure to avoid the high cost of foreclosure. Does Westgate accept all deeds in lieu of foreclosure for whatever reason owners give (ie: if they simply want out)?