HICV - Deeded through Tennessee Location

[spal042620]

Hello all, I'm in desperate need of some help. Prior to my mother passing in 2018, I was added to her HICV timeshare account. Not realizing that I was also being roped into the OUTSTANDING mortgage that is owed. I am considering on letting it just go into foreclosure but I wanted to see if anyone else had issues the HICV coming after assets. And not just having the foreclosure hit their credit. At this point, I'm willing to take the credit hit but I do not want them to try to collect on any assets. This is deeded in Tennessee which I see is not one of the anti deficiency states (I think that was what it was called). Has anyone had any experience with allowing their property go into foreclosure?

 

[Bmatrose]

Just curious what do you own in Tennessee, it might have some value. Also how much is still owed on it?

 

[spal042620]

I believe it is the Smoky mountain resort. I am currently awaiting a copy of the contract. The mortgage loan currently sits are roughly $86,000....they got my mom REALLY good.

 

[Bmatrose]

I believe it is the Smoky mountain resort. I am currently awaiting a copy of the contract. The mortgage loan currently sits are roughly $86,000....they got my mom REALLY good.

holy cow that is crazy. Were you added to the account after she made the 86,000 purchase? Were you put on the mortgage? Im not sure how thats even possible. Did you sign papers saying you would pay the mortgage?

 

[silentg]

Are you sure it’s not 86,000 points? My advice would be contact the resort and see if you could deed the timeshare back to HIVC. Let us know how it goes.

 

[spal042620]

No, we have 575,000 points and the mortgage is astronomical. When I signed the paperwork, it was my understanding that I was adding myself so that I could use the properties on my own. Not that I would take on that huge mortgage after my mother had passed. More or less I'm trying to see if anyone let theirs go into foreclosure and if they tried suing them for any assets? I'm trying to weigh my options

 

[silentg]

I know they have a buy back option. Tell them your situation! It’s a hardship and you can’t afford it. Good Luck let us know.