A timeshare deed in lieu is a foreclosure on timeshare property. This deal is struck between the owner and property developer. Filing a deed in lieu of foreclosure is a sound way to cease your financial responsibility on the timeshare if cancellation is impossible. It’s an option you may want to consider when times are tough, and you fall behind on payments. The legal process frees you from paying off the loan as the developer will forgive it once you surrender the property.
Let Susan Budowski, the leading timeshare attorney in Florida, assist you through out the process.
Timeshare Deed in Lieu of Foreclosure: How It Works
A timeshare deed in lieu of foreclosure is one way to get rid of a timeshare if your current financial situation is keeping you from making payments. Foreclosures are not unusual in the timeshare industry. Many owners purchase a timeshare when they’re financially stable. But change is inevitable, which is why timeshare companies or resorts provide an avenue that’s more preferable than a standard foreclosure.
A deed in lieu of foreclosure is a transaction in which the owner surrenders and deeds back the timeshare to the developer. There are financial implications involved, like a hit on your credit score, but they’re minor compared to a standard foreclosure the developer initiates.
Once you agree to this option, you will sign the deed back to the developer, which will effectively end your ownership. The debt on the timeshare loan is forgiven and you don’t have to be concerned with legal ramifications from the timeshare company.
When should you deed back your timeshare?
If you’ve fallen behind your payments and are unable to catch up, it’s time to contact a timeshare attorney. An attorney adept in the timeshare field should be present to make sure the developer operates according to deed in lieu of foreclosure laws in Florida.
A complicated legal issue requires the extensive knowledge and experience of a lawyer to minimize your risks and secure the best possible outcome for your situation.
A deed in lieu of foreclosure offers a fresh start for troubled timeshare owners. Free yourself from timeshare debt by consulting with Susan Budowski, Florida’s Leading Timeshare Attorney.
Book a real-time consultation today.