Getting out of a timeshare is never an easy task: these scammers will try their hardest to keep you locked into their contract to get as much money out of you as they possibly can. But how does a deed in lieu work in your favor over a foreclosure? Here’s how to navigate your deed.
What’s wrong with buying a timeshare
There is no such thing as “investing” in a timeshare: most of the time, these contracts are just ways to suck customers for their money. High maintenance fees, hard-to-read contracts, and difficult-to-break deeds can result in your family encountering burdensome fees that can even be passed down to your children. Almost half of timeshare owners claim that the reason they left their timeshare was due to high maintenance fees putting a financial struggle on their family.
What is a deed in lieu?
A deed in lieu of foreclosure is one way to break a timeshare agreement. It enables the property owner (you) to return your timeshare to the company that sold it to you without the need of going through the complicated process of foreclosure.
The best thing a deed in lieu of foreclosure does for you? It gets you out of the timeshare immediately once your timeshare company accepts it. You’re no longer financially obligated to take part in the fees, maintenance, or rent once your timeshare company accepts your deed is in lieu of foreclosure. It simply gives back your timeshare to the company who sold it to you, plain and simple.
How does my deed go in lieu?
There are specific conditions that need be present in order for you to claim your deed is in lieu. Your deed goes into lieu when you’re unable to make the payments on your timeshare or if you claim bankruptcy. When the threat of foreclosure looms, you might be able to lieu your deed. While foreclosure can cause credit repercussions and selling your timeshare is often a hassle, when your deed is in lieu, you can avoid the hassle of foreclosure. This also benefits the company since the property goes directly back to the company instead of being foreclosed by a bank. It can also be called a “deed back.”
What is the process?
You must fill out an application for your deed to go into lieu of foreclosure. Rely on an attorney to navigate the loss mitigation application and then submit the application along with your annual expenses and income.
Try talking to an attorney if you want to get out of a timeshare contract. Canceling a timeshare is never easy, but there are attorneys who offer free legal advice on the matter to make your job a little more manageable. When you are stuck wondering, “how does a deed in lieu work?” consider calling Susan Bodowski to represent your timeshare case.