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warranty deed in lieu of foreclosure

Has anyone experienced this? I am trying to get rid of my timeshare, I can no longer pay the maintenance, tax and fees and the resort is willing to do this and says it won't go on my credit report. So anyone's help will be greatly appreciated. I'm almost to the point where the interest is so high that I almost don't care if it does go on my report just to get rid of it.

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britni11

Asked by britni11 at 3:16 PM on Feb. 23, 2009 in Money & Work

Level 9 (277 Credits)
Answers (4)
  • I don't know anything about warranty deeds and stuff like that, but I do know that there are a lot of disreputable companies out there that will promise to sell your timeshare for a fee, etc. The most important thing that I can tell you is that you do NOT pay a company to sell your timeshare up front.. I have bought several timeshares in the past and there is one company in particular that I like to use, they are very upfront and honest. It is www.pinnaclevacations.com and more specifically a gentleman that works for them named Jim. His email is bocabum1999@yahoo.com. You can email him and tell him that someone told you about him and that you have a timeshare that you need to get rid of. He will answer all of your questions with no strings attached. Should you decide to use his company, that's your choice, but he can tell you what you need to know. Good luck and be wary of other companies out there.
    slw123

    Answer by slw123 at 3:24 PM on Feb. 23, 2009

  • Well i was looking into the same thing for my own house because it is SO not worth what we owe and we just want out! and yes it does go on your credit for 7 to 10 years. and forecloser looks worse on your credit an anything I was told by a lawyer and mortgage company. worse than bank ruptcy! So you may want to look into selling it first. or call them and tell them you need a loan modification or that they can have it! And they will probably be willing to work with you to lower your interest rate on it, because chances are in this day they wont get what you owe either! Good luck i know it sucks!!! i am living it right now!
    babymaddy

    Answer by babymaddy at 8:08 PM on Feb. 23, 2009

  • Go check out LoanSafe.org. They have a message board there with lots of admins and mods that can help you with this. I have been a member there for over a year and they have helped a lot of people!
    tandknix

    Answer by tandknix at 10:59 AM on Feb. 24, 2009

  • I pull credit freqently for my job, and the deed in lieu will still show on your credit. I still would say a deed in lieu is a much better solution, it shows you were willing to work with the company and not ignoring them.
    tuesday10

    Answer by tuesday10 at 12:38 PM on Feb. 24, 2009

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