Can I avoid foreclosure?!

[Amyjb]

Please, any and all guidance and suggestions much appreciated!!

I bought a timeshare while staying at the Holiday Inn Vacations resort at Orange Lake in Orlando last year.
I can no longer afford the mortgage payment, life happened and I now have custody of my nephew who is a little special needs.
I was told during the presentation (a couple times!) that if at any time I wanted out of the timeshare all I had to do was call. I've called!!!
I have been trying to stick it out for a while but can feel my situation beginning to fall deeper and I would desperately like to avoid foreclosure if at all possible. I've called the resort and the gist of all those phone calls to all the different departments is "theres nothing we can do."
I stayed at Orange Lake in Orlando in a 2 bed villa in June.
My timeshare, however, is for Cape Caribe at Cape Canaveral (half way through signing documents I noticed this discrepancy and asked about it, the answer was "that's our sister resort, it's just for the paperwork."
I have 110,000 points, every other year, with flexible use ownership and red light time.
Do I have any options other than foreclosure?
I still owe $13,000 on the loan, if I attempt to sell can I potentially get that amount to cover the loan?

 

[tschwa2]

You won't be able to get anyone to cover the loan. On the resale market what you own is worth somewhere between $0 and $2000 with my guess because it is every other year being around $500-800. When you sell, the unit reverts back to the deeded unit (don't worry Orange Lake isn't worth any more maybe even a little less) and is not able to be used within the HICV network. Your options if you can't pay it off are foreclosure or the loan holder could offer deed in lieu of foreclosure. Both would effect your credit. It's hard to say how much. Deed in lieu of foreclosure is a little quicker and less expensive for the developer, if they are convinced you won't pay any more they are likely to offer that to you.

Generally HICV is pretty good at letting you out if you want out, as long as it is paid for (no mortgage) and all the fees are all up to date. Since that doesn't apply to you then no easy way out.

 

[Amyjb]

All fees are up to date, and I've never missed a payment on the mortgage. I've been trying to contact the deed department to see if they'll do a deed in lieu of foreclosure but the number will not go through...

 

[Passepartout]

All fees are up to date, and I've never missed a payment on the mortgage. I've been trying to contact the deed department to see if they'll do a deed in lieu of foreclosure but the number will not go through...

That will be your best bet. Sorry I can't help you with the number, but be firm, and make sure they know this is a clear hardship case and that they ARE NOT getting any more money from you.

Good Luck!

Jim

 

[Amyjb]

I'll try! Thank you both for replying, I greatly appreciate it!

 

[tschwa2]

As long as you keep paying, they really don't have much incentive to offer the deed in Lieu. I wouldn't be surprised if you had to miss several months of payments before it would be offered. If they think they can get more money from you, they will continue to refuse to deal. Good luck.

 

[brianfox]

Amy,
You were wise to come to TUG for advice. What others have told you is excellent. I would just add: make sure you avoid any company that may contact you saying they can "fix" your problem. The last thing you need at this point is another scam company making promises they will not keep. You've already seen enough of that in the presentation that resulted in you buying the timeshare.

Please keep us in the loop on your progress. You can see many threads here like yours and how they progressed and their final outcome. This is going to be painful for you, but you will come out smarter and stronger.

Good luck