Hi guys, i have a question, please help me

I purchased a Timeshare back in 2001. The unit is completely paid for, but things took a bad turn in my life and after going through a divrorce (married 27yrs), a subsequent ch-13, and on top of that Ameriquest foreclosed on my home of 10yrs , I am no longer in a position to keep the place. I owe back maintainence fees to the HOA which continue to accrue penalties and interest. I love the place but at this stage in my life I am willing to give it away to someone who has ever thought about owning a timeshare. Any other ideas, suggestions or feedback. Let me know. Thanks-Leo

mrias wrote:

I purchased a Timeshare back in 2001. The unit is completely paid for, but things took a bad turn in my life and after going through a divrorce (married 27yrs), a subsequent ch-13, and on top of that Ameriquest foreclosed on my home of 10yrs , I am no longer in a position to keep the place. I owe back maintainence fees to the HOA which continue to accrue penalties and interest. I love the place but at this stage in my life I am willing to give it away to someone who has ever thought about owning a timeshare. Any other ideas, suggestions or feedback. Let me know.

If you are already in arrears, foreclosure will be initiated at some point; you really don't have to do anything further at all.

"Deedback" to the resort is not an available option until / unless the account is paid up. No one is likely to be interested in a timeshare with unpaid fees, even if offered for free, since there is no clear title until the unpaid debt is first resolved. Even then, someone will also have to pay associated closing costs as well as any resort-imposed transfer fee. Simply awaiting foreclosure might be the most practical option to consider at this point.

I hope you included the timeshare in your chapter 13 filing .