NEED TO RETURN TIMESHARE

Post reply

Note: Please do not post ads in the timeshare forums. If you want to add a timeshare posting, go here.

Original Message:

Re: NEED TO RETURN TIMESHARE (by Dave K.):

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.