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    julie2810's Avatar
    julie2810 Posts: 1, Reputation: 1
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    #1

    Jun 17, 2013, 04:48 AM
    Warranty deed in lieu of foreclosure westgate
    I have a timeshare at westgate and have maintenance fees outstanding but mortgage is fully paid they have offered me warranty deed in lieu of foreclosure what does this mean will I still have to pay outstanding monies
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #2

    Jun 17, 2013, 04:55 AM
    This means that they want you to give up ownership of the property to them now so that they don't have to proceed with foreclosure against you. If you do this they will sell the timeshare and apply the money they get to the outstanding money that you owe them. If they get more than what you owe then you won't owe them anything. If they get less than what you owe then you will still owe them the difference.

    Is the value of the timeshare more than what you owe them? If it is then it makes absolutely no sense to give them ownership. Instead you should sell the timeshare yourself, pay them what you owe and keep the difference. Another option is to get a loan and use it to pay them what you owe.

    I strongly suggest that you not sign anything until you speak to an attorney.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #3

    Jun 17, 2013, 04:55 AM
    It appears that they can foreclose for failure to pay the maintenance fees but, instead, are offering you the chance to give the property to them and be done with it. You would do this by giving them a "deed in lieu of foreclosure". In other words, you would be siging a deed Instead of their foreclosing on the property.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    Jun 17, 2013, 06:46 AM
    they are not asking, (at least with the limited information you provided) for more money, just ownership of the time share.

    Most "used" time shares have almost no value, most people find it hard to even give them away to many places, few ever sale them. Yours may be different, I do not know.

    But it appears they just want you to turn over ownship of property to them, for the money you owe.
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