You’re not alone if you’re having problems making payments on your timeshare property. The average price of a new timeshare is as high as $20,040. And up to 66% of timeshare owners say that high maintenance fees are their main reason for wanting to get out of their timeshare contract.
Fortunately, you can file for a deed in lieu of foreclosure to avoid going into foreclosure. But what is deed in lieu of foreclosure and how does it work?
Filing For Deed In Lieu Of Foreclosure
A deed in lieu of foreclosure (DIL) is an option both homeowners and timeshare owners have to avoid foreclosure on their property. It also allows you to break free of your high timeshare payments and maintenance fees.
What a deed in lieu of foreclosure does is transfer the ownership of the timeshare to the lender. You’re signing the deed of the timeshare over to the lender. The lender then releases you from your obligation to make payments on the property.
What’s The Process For Filing For Deed In Lieu Of Foreclosure?
To begin the deed in lieu of foreclosure process, you need to first work with your lender. Your lender may have different requirements compared to other lenders so it’s important to ask them specifically about their own process.
Let your lender know that you’re unable to make payments on your timeshare property. From there, you may discuss other alternatives such as loan modification.
Ask your lender begin the DIL process. Fill out an application and provide documentation to show your lender proof of financial hardship.
You’ll need to respond to requests for additional details that your lender may ask you. How long does a deed in lieu of foreclosure take? You can expect to wait up to 30 days or more before you hear an answer back from your lender.
Although the process isn’t fast, it’s faster than the foreclosure process.
It’s understandable to want out from your timeshare agreement. Many timeshare companies will sell you a timeshare without letting you know the full financial details. To learn more about how to get out of a timeshare contract and how long does a deed in lieu of foreclosure take, contact a timeshare attorney you can trust at the law offices of Susan Budkowski today.