With the ability to visit luxurious hotels and offer excellent time spending, timeshares are perfect for going on a vacation for multiple timeshare owners. But life changes, as well as a financial situation. While yesterday you could afford a timeshare with all the maintenance fees, today you couldn’t do it anymore. Moreover, if a mortgage is attached to the timeshare, an owner can face some additional issues. Refer to the best timeshare exit company whether you want to get rid of ownership fast and effortlessly. Today, we’ll discuss a few ways to get rid of a timeshare with a mortgage balance.
How to get rid of a timeshare mortgage legally?
1. Consider a deed in lieu
Many resorts do not offer deed-back programs, but some of them do. This program allows owners to sign over the deed and refuse an interest. You may deal with a lender whether a mortgage is through them. You will need to contact the lender and find out if you can get a deed instead of foreclosure. Some factors might influence the lender’s willingness to accept a deed in lieu. They might include a history of payments, resort desirability, the amount left on loan, and so on. Typically, you need to sign a quitclaim deed to get rid of timeshare mortgages.
2. Hire an attorney
Suppose you are sure a salesperson had not mentioned the vital information in terms of a timeshare mortgage that could prevent you from purchasing ownership. In that case, you are a lucky one. Contact an attorney specializing in timeshare contract laws to assess your contract. Maybe, you are a victim of some unfair action. Hiring a reliable attorney means that you can get help regarding timeshare cancellation and contract termination, increasing your chances of getting rid of an unwanted timeshare.
3. Sell a timeshare
Selling timeshare ownership is an option for multiple owners. Hiring a real estate agent can increase the possibility of selling your property successfully, but keep in mind that there are commission fees you have to pay. On the other hand, you can try to sell a timeshare on your own. Place your timeshare on timeshare resale websites or forums, as well as list a timeshare on auction sites. You can rent a timeshare out if selling is not a solution for you.
4. Consider a file for bankruptcy
Before deciding to file bankruptcy, consult your attorney concerning how it will impact your current situation. A file for bankruptcy has the potential to wipe out the mortgage obligation. Your lender should stop all the collection activities after you are declared bankrupt. But don’t hurry with this option since you might get credit consequences that may last even for ten years.