Timeshare Users Group Forums
TUG Links external to TUG BBS:    TUG Home| TUG Resort Databases| Marketplace | TUG Help | Advice | Join TUG  

Timeshare Users Group Bulletin Board
Go Back   Timeshare Users Group Forums > Timeshare Resort Systems > Marriott Resort System
Log into the TUG BBS:

Marriott Resort System Discussion of Marriott Timeshare Resorts, Marriott Vacation Club, and Marriott Destination Points memberships!

GLOBAL ANNOUNCEMENTS
TUG Turns 21 Years Old! Read More

Free Timeshare Exchanges on TUG! View current exchanges!

Free TUG Newsletter! Sign up today!

TUG Banner Travels the World! Follow the Banner!

 
Forum Jump


Reply « Previous Thread | Next Thread »
 
Thread Tools Search this Thread Display Modes
Old September 8, 2012, 07:58 AM   #1
AcadianTravellers
Guest
 
BBS Reg. Date: Jun 14, 11
Posts: 23

Resorts: Marriott Destination Club Points Owner
Deed in Lieu of Foreclosure

Can someone tell me what it consist of? I know it will affect my credit score, but can they still come after me for something ie. more money?
__________________
Renelle & Sam

- Grande Vista, Orlando FL March 2011
- BeachPlace Towers, Fort Lauderdale FL May 2011
- The Royal Sands (II), Cancun Me Jan 2012
- The Royal Sands (II), Cancun Me April 2012

Last edited by AcadianTravellers; September 8, 2012 at 08:01 AM.
AcadianTravellers is offline   Reply With Quote
Old September 8, 2012, 08:04 AM   #2
FractionalTraveler
 
FractionalTraveler's Avatar
TUG Member
 
BBS Reg. Date: Feb 29, 12
Location: Florida
Posts: 1,775

Resorts: Legacy Owner, DC Member, Trust Owner
Quote:
Originally Posted by AcadianTravellers View Post
Can someone tell me what it consist of?
This is an agreement between an owner and Marriott to give back the unit week(s) in lieu of Marriott foreclosing the property.

An owner may request this but as I understand Marriott doesn't have to agree with it or make an offer to provide it.

An owner can always try to negotiate their exit strategy. Remember, it’s usually in Marriott's best interest to work out a deal with the owner. It costs them some money to process the transaction and in the end it’s reported as an operational loss at the property.

I think the two main areas where they go after this transaction is (1) Delinquent Loan Payments, (2) Delinquent MF.

I suspect we will see some level of strategic dumping of units from owners who belong to the DC points system and have a portfolio of properties enrolled. To some folks it might make sense to dump a week that has high MF and very little return value from assigned DC points. These folks still have other legacy weeks which can be converted to points and used so making a strategic foreclosure may make sense to some owners.
__________________
FractionalTraveler

Last edited by FractionalTraveler; September 8, 2012 at 08:18 AM.
FractionalTraveler is offline   Reply With Quote
Old September 8, 2012, 08:07 AM   #3
AcadianTravellers
Guest
 
BBS Reg. Date: Jun 14, 11
Posts: 23

Resorts: Marriott Destination Club Points Owner
What are the consequences beside your credit taking a bang?
__________________
Renelle & Sam

- Grande Vista, Orlando FL March 2011
- BeachPlace Towers, Fort Lauderdale FL May 2011
- The Royal Sands (II), Cancun Me Jan 2012
- The Royal Sands (II), Cancun Me April 2012
AcadianTravellers is offline   Reply With Quote
Old September 8, 2012, 08:28 AM   #4
dioxide45
 
dioxide45's Avatar
TUG Member
 
BBS Reg. Date: May 20, 06
Location: Ohio
Posts: 16,137

Resorts: Marriott's Grande Vista, Marriott's Harbour Lake
Quote:
Originally Posted by AcadianTravellers View Post
What are the consequences beside your credit taking a bang?
Are you doing this because of delinquency in maintenance fees or a mortgage for the timeshare? Not sure if a deed in lieu for MFs would hurt your credit score, but a deed in lieu for mortgage delinquency probably has already taken the hit because you would have to be behind on mortgage payments in order to do the deed in lieu.
dioxide45 is offline   Reply With Quote
Old September 8, 2012, 08:29 AM   #5
FractionalTraveler
 
FractionalTraveler's Avatar
TUG Member
 
BBS Reg. Date: Feb 29, 12
Location: Florida
Posts: 1,775

Resorts: Legacy Owner, DC Member, Trust Owner
Quote:
Originally Posted by AcadianTravellers View Post
What are the consequences beside your credit taking a bang?
In my opinion, the credit hit is way over blown. I have 2 friends who had to give up their units because of extended job loss and they told me their credit was minimally impacted since they wrote letters to be included in their credit files explaining that the real estate foreclosure on their report was a timeshare.

I personally think banks and car dealerships could care less about foreclosed timeshares. Obviously, if there are other negative items on the credit report besides the timeshares, I would expect the credit hit to be much larger and the impact to the consequences more prevalent.

I can't comment on other consequences since I have not been through this personally, but I would encourage others on this BBS who have experienced this to help out any fellow TUGGERS in need of this type of information.
__________________
FractionalTraveler
FractionalTraveler is offline   Reply With Quote
Old September 8, 2012, 08:42 AM   #6
AcadianTravellers
Guest
 
BBS Reg. Date: Jun 14, 11
Posts: 23

Resorts: Marriott Destination Club Points Owner
We are DC points owners only. We haven't paid since March 2012, purchased in March 2011. They offered us a deed in lieu and yes it already affected my credit score. That don't bother us, because we don't plan on making any big purchases soon.

I went to our bank and they told me that after they would still lend me some money even if our credit was hit by this, but want to know if they can still come after me once the deed in lieu is signed.

Any advice would help!

Thanks.
__________________
Renelle & Sam

- Grande Vista, Orlando FL March 2011
- BeachPlace Towers, Fort Lauderdale FL May 2011
- The Royal Sands (II), Cancun Me Jan 2012
- The Royal Sands (II), Cancun Me April 2012
AcadianTravellers is offline   Reply With Quote
Old September 8, 2012, 08:48 AM   #7
dioxide45
 
dioxide45's Avatar
TUG Member
 
BBS Reg. Date: May 20, 06
Location: Ohio
Posts: 16,137

Resorts: Marriott's Grande Vista, Marriott's Harbour Lake
I am not sure if Florida is a recourse state or not. Though I would think that would only matter if they actually foreclosed. Either way, just be sure to get everything in writing indicating that after the deed in lieu is done that you will have no further obligation and no further monies owed on the loan.
dioxide45 is offline   Reply With Quote
Old September 8, 2012, 08:51 AM   #8
AcadianTravellers
Guest
 
BBS Reg. Date: Jun 14, 11
Posts: 23

Resorts: Marriott Destination Club Points Owner
Thanks. I was planning on them providing me a letter of that sort prior to signing the deed in lieu. I'm waiting for it in the mail anytime.
__________________
Renelle & Sam

- Grande Vista, Orlando FL March 2011
- BeachPlace Towers, Fort Lauderdale FL May 2011
- The Royal Sands (II), Cancun Me Jan 2012
- The Royal Sands (II), Cancun Me April 2012
AcadianTravellers is offline   Reply With Quote
Old September 8, 2012, 07:23 PM   #9
b2bailey
TUG Member
 
BBS Reg. Date: Oct 30, 07
Location: Santa Cruz CA
Posts: 483
We did a Deed in Lieu on our Oceanwatch Property

Last year a job loss caused us to be unable to make the monthly loan payment. We advised Marriott of the situation and they prepared paperwork, we signed and have not heard anything more from them. We did lose all that we had paid, our down payment and several years of monthly payments. In years to come I believe lenders will be more understanding of things like Deed in Lieu and Short Sales. It is a sign of the times and reflects on credit report better than a foreclosure.
b2bailey is offline   Reply With Quote
Reply
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 06:06 AM.


Powered by: vBulletin Version 3.8.7
BBS Software Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Editorial Content Copyright ©1993 - 2014, Timeshare Users Group
Customized for TUG by Makai Guy.