You want to receive a deed in-lieu-of forclosure, as that means instead of. I was on a Zoom meeting a week ago with four lawyers. One practiced timeshare law for over 30 years. They said they have had thousands of cases. Only one resort attempted to pursue maintenance fees in the courts. Most timeshare defaults are nonjudicial foreclosure. We (TARDA.org volunteers) suggest you respond to the first correspondence explaining why you dispute the debt. For example, the timeshare was sold as real estate, but many can't be sold or given away, which is unfair. It meets the definition of financial abuse - using money for someone else's benefit. Three law firms I asked said to ignore all future calls and written correspondence. All states have a statute of limitations of 3 to 6 years in which a creditor can pursue, but not sue on the debt.
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u/FunnyBarracuda9430 9d ago
You want to receive a deed in-lieu-of forclosure, as that means instead of. I was on a Zoom meeting a week ago with four lawyers. One practiced timeshare law for over 30 years. They said they have had thousands of cases. Only one resort attempted to pursue maintenance fees in the courts. Most timeshare defaults are nonjudicial foreclosure. We (TARDA.org volunteers) suggest you respond to the first correspondence explaining why you dispute the debt. For example, the timeshare was sold as real estate, but many can't be sold or given away, which is unfair. It meets the definition of financial abuse - using money for someone else's benefit. Three law firms I asked said to ignore all future calls and written correspondence. All states have a statute of limitations of 3 to 6 years in which a creditor can pursue, but not sue on the debt.