Re: NEED TO KNOW WHAT TO DO ASAP ABOUT TIMESHARES

Posted by Jim V on February 14, 2003 at 20:17:50:

In Reply to: NEED TO KNOW WHAT TO DO ASAP ABOUT TIMESHARES posted by mk on February 14, 2003 at 15:48:10:

It's highly unlikely the Canada timeshare will cause any significant problem for you. If the lender will accept a deed-in-lieu it would be a better situation than allowing the foreclosure.
The risk with the Arizona and Nevada timeshares is that after foreclosure the lenders could seek a deficiency judgment against you. The deficiency would be for the loss the lender suffered. I believe Arizona's foreclosure procedure makes a deficiency somewhat impractical, so your biggest risk would be from the Nevada timeshare. A deed-in-lieu should state the lender accepts the property as full satisfaction for the debt, eliminating the possibility of a judgement.

Your personal situation will influence the decisions made by the lenders. If they feel you can make the payments and have significant other assets, they will be less likely to accept a deed-in-lieu and more likely to seek a deficiency. None of the preceding should be considered legal advice, just one person's opinion.

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Comments:
: It's highly unlikely the Canada timeshare will cause any significant problem for you.  If the lender will accept a deed-in-lieu it would be a better situation than allowing the foreclosure.
: The risk with the Arizona and Nevada timeshares is that after foreclosure the lenders could seek a deficiency judgment against you.  The deficiency would be for the loss the lender suffered.  I believe Arizona's foreclosure procedure makes a deficiency somewhat impractical, so your biggest risk would be from the Nevada timeshare.  A deed-in-lieu should state the lender accepts the property as full satisfaction for the debt, eliminating the possibility of a judgement.

: Your personal situation will influence the decisions made by the lenders.  If they feel you can make the payments and have significant other assets, they will be less likely to accept a deed-in-lieu and more likely to seek a deficiency.  None of the preceding should be considered legal advice, just one person's opinion.


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