[ 2016 ] Giving up Hilton TS. They sent a Warranty Deed to avoid foreclosure. Legit?????????

[tovarco]

First line reads "Enclosed you will find the Warranty Deed that yo may sign to be released from your defaulted mortgage in lieu of foreclosure." It says if I voluntarily surrender then it will avoid any legal action against me. Does this make sense to anyone? Any thoughts would be greatly appreciated.

 

[DeniseM]

Who is "THEY"?

 

[SmithOp]

First line reads "Enclosed you will find the Warranty Deed that yo may sign to be released from your defaulted mortgage in lieu of foreclosure." It says if I voluntarily surrender then it will avoid any legal action against me. Does this make sense to anyone? Any thoughts would be greatly appreciated.

Sounds good if HGVC sent it to you.

 

[DeniseM]

Please do not post duplicate posts in other forums. For the sake of continuity, it is better to keep all info. in one thread.

 

[phil1ben]

Don't know what state you are in or where the property is. However, you should confirm that you are released from all claims whatsoever so that HGVC does not receive the deed-in-lieu and then sue you for a deficiency. A deficiency is the difference between the amount you owed on the loan and the value of the timeshare. Your liability for a deficiency judgment varies widely from state to state. Be careful regarding this issue and you may wish to consult an attorney.............. Good Luck.

 

[tovarco]

phil1ben. I am from California. Property is in NV. They only give us 15 days so I am obviously suspect. It mentions a "processing fee" but does not specify. It then says "That the Grantor for and in consideration of the sum of $10 and other goods and valuable consideration in hand paid by the Grantee the receipt and sufficiency of which is hereby acknowledged, hereby grants, bargains sell aliens remises releases conveys and confirms unto the Grantee, its successors and or assigns the real property described in Exh A". Obv I am no lawyer. This is the section that sounds suspect to me. I have tried to contact a lawyer as you suggested.

 

[Ty1on]

A time constraint on a Deed in Lieu offer is standard. They want the contract back, and will save legal costs if you sign the DIL. If you are not going to, they want to get moving with the more expensive (to them) foreclosure. A foreclosed contract is a more profitable sale to them than new development.

Is this in a snail mail from HGVC? Email? Have you called HGVC finance to verify the offer and inquire upon the processing fee?

 

[tovarco]

Yes from HGVC.

 

[tovarco]

Ty1on. I am first just trying to gauge if this is a scam or not and if I am just wasting my time (and should just let it go to foreclosure). Lawyer said he will charge me $500 to deal with this to start. So you have heard of this process before? It is a "standard" step HGV could take?

 

[DeniseM]

Ty1on. I am first just trying to gauge if this is a scam or not and if I am just wasting my time (and should just let it go to foreclosure). Lawyer said he will charge me $500 to deal with this to start. So you have heard of this process before? It is a "standard" step HGV could take?

An offer that actually comes from HGVC is definitely not going to be a scam.

It could only be a scam if it comes from someone pretending to be with HGVC, or one of the "rescue" companies.

If you have independently verified that the offer really is from HGVC, then it's not a scam.

 

[tovarco]

I meant in terms of HGV just trying to get more money from us as phil1ben alluded to as a possibility. Thank you all for your input.

 

[raygo123]

I meant in terms of HGV just trying to get more money from us as phil1ben alluded to as a possibility. Thank you all for your input.

First the $10 offer is standard. In order for a contract to be binding there must be consideration, $10. The other language is pretty standard. If you owe money, is it stated that your loan is forgiven?

Sent from my Nexus 7 using Tapatalk

 

[DeniseM]

I meant in terms of HGV just trying to get more money from us as phil1ben alluded to as a possibility. Thank you all for your input.

But that's not a "scam," it's just terms that are unfavorable to you.

 

[Talent312]

The language in the deed you quoted is standard boiler-plate deed legalese.
There is really nothing unique about this English common law verbage.

If, in fact, HGVC sent you the deed, then there are absolutely no worries.
Their salesmen aside, HGVC is not in the business of ripping people off.

You should have no concern for a deficiency if they accept the deed-back.
However, if you sit on the deed and they foreclose, then that could happen.
The judgment would be for the balance due, plus costs + attorney's fees.

Other than a sale, a deed-back in lieu of foreclosure is the preferred course.

.

 

[dioxide45]

This is how a deed-in-lieu works. They send you a deed to sign the property back to them in lieu of them foreclosing on the deed and taking it back through judicial or non judicial foreclosure action.

 

[cbky]

I hope this will get through to the OP... I have the same offer from HGVC in my hand right now. My lawyer is concerned that the warranty deed itself doesn't make mention of forgiving the mortgage, only the cover letter does. He wants to send them an assumption contract or assumption deed for them to sign in order to cover my risk. I am a little in fear that they will withdraw the offer if I respond via a lawyer. What was your experience in the end?

 

[bogey21]

IMHO you guys should call HGVC and confirm. If they confirm the deal, sign it and move on. Hiring a lawyer is again IMHO a waste of money.

George

 

[Talent312]

Lawyers, by their nature, think they earn their keep by advising caution.
But in this case, earning a fee by being overly cautious risks blowing the deal.

What he didn't tell you is that when HGVC gets the TS back:
-- They will not allow a foreclosure to proceed to which they'd be joined, becuz...
-- They can resell the TS they get from you for an obscene amount of money. So...
-- They will do whatever they need to on their end to protect their interest in it.

IMHO, thank the lawyer for his advice, and divest yourself of this albatros, ASAP.
.

 

[pedro47]

This thread was started April 04, 2016.
The OP was a guest on this website at the time of their post and they have not posted since April 2016.

 

[vacationhopeful]

The new poster to this thread has a 2018 new letter offering him 'the deal'.

To the new poster ... if you can't pay MFs, then you need to walk away ... SIGN IT. ASAP.

In 2 weeks you aren't going to win the lottery or inherit $1MM. This timeshare has ongoing and INCREASING costs EACH year. And your financial priorities start with ROOF over the family, food on the table and medical. Making MF payments on TS is about 4 pages later .. if at all.

 

[pedro47]

I see the new post by another TUG guest cbky; IMHO vacatiohopeful, you gave them excellent advice.
Good luck to cbky.

 

[cbky]

This is cbky. I wanted to check back in and let you all know that we did go forward and sign the warranty deed, without involving the lawyer. I mentioned talking to a lawyer "friend" and the HGVC agent from Portfolio Services really got defensive, so I backed off, we signed it, and they have it now. We are waiting for them to record it and see what happens next. They said we wouldn't have to pay our past due maintenance fees that were due this past January, but they've still been taking out our payments while we go through this process (we weren't behind on payments, just fearing we are about to get behind). So far, so good, I'll try to post back once the deal is complete.

 

[Talent312]

You may need to be pro-active to stop those payments.
You may technically be liable for the $$ until a satisfaction
or release is recorded, but I think it safe to stop payments.

I'd send a written notice to the same place you sent the deed.
And then contact the place from which the payments are drawn.

.

 

[RCE-Ohio]

cbky - I would be interested to know HOW you managed to get warranty deed letter in the first place. I still owe on my HVGC TS but just can not afford it for many various reasons. I am desperately looking for a way out from under it and because it still has a loan balance a sale doesn't seem to be an option. So did you just stop paying MF's? Or what was it that prompted HGV to send the warranty deed? And yes would be very interested to know how it turns out for you please!

 

[Sherry78]

This is cbky. I wanted to check back in and let you all know that we did go forward and sign the warranty deed, without involving the lawyer. I mentioned talking to a lawyer "friend" and the HGVC agent from Portfolio Services really got defensive, so I backed off, we signed it, and they have it now. We are waiting for them to record it and see what happens next. They said we wouldn't have to pay our past due maintenance fees that were due this past January, but they've still been taking out our payments while we go through this process (we weren't behind on payments, just fearing we are about to get behind). So far, so good, I'll try to post back once the deal is complete.

Were you successful in deeding back your timeshare? I have a warranty deed back in my hand from Orange Lakes but I'm afraid of signing it. We don't owe anything for the timeshare and all MF are paid, but I'm worried they will come back and required me to pay something more. How has your experience been?