Approximately 3% of American households own a timeshare, but the long-term cost of a timeshare can often be challenging for many households to keep up with. For this reason, timeshare owners may wonder how to get a deed in lieu of foreclosure as a means of canceling their timeshare.
A deed in lieu of foreclosure can be a great option for those who want to get out of a timeshare. However, how to get a deed in lieu of foreclosure can be challenging depending on the circumstances of your timeshare ownership.
How To Get A Deed In Lieu Of Foreclosure
In a perfect world, a deed in lieu of foreclosure would be easy to obtain. A timeshare owner who has already paid off the principal balance of their timeshare may be able to easily obtain this document.
However, it may be in the best interest of those who still owe money on the property to speak to your lender about signing a deed in lieu of foreclosure. Whether your lender would prefer you to foreclose on the property or sign the document depends on the amount of money that remains owed, the desirability of the timeshare’s location, and the frequency of your late payments.
In the event that your lender has accepted and executed your deed in lieu of foreclosure, the former owner of the timeshare property may be responsible for potential legal fees. However, this may not be the case with for all timeshare property owners.
When To Seek Legal Assistance
It may be in your best interest to seek the assistance of a timeshare attorney when you decide to sign a deed in lieu of foreclosure. This is because your timeshare lawyer may be able to prepare a document stating that your lender will not report the deed to future credit agencies that may harm your credit.
Many Americans regret buying a timeshare but are unaware of their timeshare cancellation rights. To learn more about how to cancel a timeshare purchase or how to get a deed in lieu of foreclosure, contact the law offices of Susan Budowski today.