• The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 30 years!

    Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered 24 hours a day!
  • TUG started 30 years ago in October 1993 as a group of regular Timeshare owners just like you!

    Read about our 30th anniversary: Happy 30th Birthday TUG!
  • TUG has a YouTube Channel to produce weekly short informative videos on popular Timeshare topics!

    Free memberships for every 50 subscribers!

    Visit TUG on Youtube!
  • TUG has now saved timeshare owners more than $21,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $21 Million dollars
  • Sign up to get the TUG Newsletter for free!

    60,000+ subscribing owners! A weekly recap of the best Timeshare resort reviews and the most popular topics discussed by owners!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    All T-shirt options here!
  • A few of the most common links here on the forums for newbies and guests!

Willing doing a deed back hurt your credit ??

decadude

TUG Member
Joined
Oct 5, 2014
Messages
255
Reaction score
0
Points
126
This is all hypothetical and I am just curious will doing a deedback harm your credit if

1. You owe a $0 balance
2. The timeshare company does not report anything to collections I don't see that they would since you owe a $0 balance and they are willingly accepting the deedback.

Thanks to all who reply
 

silentg

TUG Review Crew: Expert
TUG Member
Joined
Jul 17, 2005
Messages
6,185
Reaction score
3,260
Points
649
Location
Central Florida
Resorts Owned
Fitzpatrick's Castle Holiday Homes,
Enchanted Isle.
Why should they? Especially if they charge you for the deed back?
 

tschwa2

TUG Review Crew: Veteran
TUG Member
Joined
Dec 19, 2008
Messages
16,004
Reaction score
4,676
Points
748
Location
Maryland
Resorts Owned
A few in S and VA, a single resort in NC, MD, PA, and UT, plus Jamaica and the Bahamas
In the situation mentioned it should not damage your credit.
So currently DRI and Wyndham and a few other companies are offering these type of no strings attached deed back for paid in full units that are current on MF;s. They may or may not charge a fee to do so.
 

Ty1on

TUG Member
Joined
Jun 10, 2015
Messages
5,119
Reaction score
1,952
Points
348
This is all hypothetical and I am just curious will doing a deedback harm your credit if

1. You owe a $0 balance
2. The timeshare company does not report anything to collections I don't see that they would since you owe a $0 balance and they are willingly accepting the deedback.

Thanks to all who reply

A deed in lieu will damage your credit and may generate an income tax expense. A deed-back is not a default on moneys owed, so there is no effect on your credit.
 

decadude

TUG Member
Joined
Oct 5, 2014
Messages
255
Reaction score
0
Points
126
thanks

A deed in lieu will damage your credit and may generate an income tax expense. A deed-back is not a default on moneys owed, so there is no effect on your credit.

Very good thanks man this clarifies and thanks to the other responder
 

theo

TUG Review Crew: Veteran
TUG Member
Joined
Mar 21, 2007
Messages
9,033
Reaction score
2,268
Points
648
Location
New England Coast
This is all hypothetical and I am just curious will doing a deedback harm your credit if

1. You owe a $0 balance
2. The timeshare company does not report anything to collections I don't see that they would since you owe a $0 balance and they are willingly accepting the deedback.

Thanks to all who reply

Obviously, a "deedback" is only possible at all if the resort is overtly willing to accept it and clearly expresses that acceptance. In other words, "deedback" can never be a one-sided or unilateral exercise without the knowledge and concurrence of the other party. That's perhaps self-evident and maybe I digress, but...

Most facilities will require your maintenance fees to be completely up to date. If they are, and the resort is willing to accept your deed in lieu of foreclosure (a.k.a. accept a "deeback"), then there is really no negative event to legitimately report to the credit agencies in the first place. Think of "deedback" as a "mutually agreed settlement" which has been reached and executed before actual foreclosure or any associated legal proceedings or credit reporting situation.
 

comicbookman

TUG Member
Joined
Feb 2, 2013
Messages
973
Reaction score
321
Points
274
Location
Dillwyn, Virginia
Obviously, a "deedback" is only possible at all if the resort is overtly willing to accept it and clearly expresses that acceptance. In other words, "deedback" can never be a one-sided or unilateral exercise without the knowledge and concurrence of the other party. That's perhaps self-evident and maybe I digress, but...

Most facilities will require your maintenance fees to be completely up to date. If they are, and the resort is willing to accept your deed in lieu of foreclosure (a.k.a. accept a "deeback"), then there is really no negative event to legitimately report to the credit agencies in the first place. Think of "deedback" as a "mutually agreed settlement" which has been reached and executed before actual foreclosure or any associated legal proceedings or credit reporting situation.

a deedback and a deed in lieu of foreclosure are two completely different animals. a deedback is done when there is no debt and no, or minimal monies owed and no negative consequences. It is essentially a sale.

A deed in lieu of foreclosure acknowledges that you one party has failed to live up to their obligations and has defaulted. Any debt forgiven can be counted as income by the IRS and can be reported to the credit agencies as settle fo less than full amount. That is a negative mark.
 

csxjohn

TUG Review Crew: Expert
TUG Member
Joined
Apr 25, 2012
Messages
6,551
Reaction score
134
Points
348
Location
North East Ohio
Resorts Owned
Tropic Shores Resort, Bluegreen points
When Alhambra at Poinciana took my deed back it had no effect on my credit as it was not reported as it should not have been.

My cost was $250.
 

theo

TUG Review Crew: Veteran
TUG Member
Joined
Mar 21, 2007
Messages
9,033
Reaction score
2,268
Points
648
Location
New England Coast
Apples and Oranges...

a deedback and a deed in lieu of foreclosure are two completely different animals. a deedback is done when there is no debt and no, or minimal monies owed and no negative consequences. It is essentially a sale.

A deed in lieu of foreclosure acknowledges that you one party has failed to live up to their obligations and has defaulted. Any debt forgiven can be counted as income by the IRS and can be reported to the credit agencies as settle fo less than full amount. That is a negative mark.

Parsing and semantics, I respectfully submit, in regard to the specific situation clearly posed by the OP, in which there is reportedly no debt to "forgive" or to be regarded or reported in any way relating to the IRS --- but you are otherwise correct in making the "deed in lieu of" distinction for very different and unrelated circumstances.
For an entirely different and unrelated situation, other than the one clearly described by the OP and actually under discussion here, you make a valid point.
 
Last edited:

comicbookman

TUG Member
Joined
Feb 2, 2013
Messages
973
Reaction score
321
Points
274
Location
Dillwyn, Virginia
Parsing and semantics, I respectfully submit, in regard to the specific situation clearly posed by the OP, in which there is reportedly no debt to "forgive" or to be regarded or reported in any way relating to the IRS --- but you are otherwise correct in making the "deed in lieu of" distinction for very different and unrelated circumstances.
For an entirely different and unrelated situation, other than the one clearly described by the OP and actually under discussion here, you make a valid point.

respectfully, deed in lieu of, assumes foreclosure is a valid option for the developer, even if there is no debt other than upcoming MF. If the dev reports delinquencies to the credit agencies, then they are likely to report a deed in lieu of as well, and it would be classified as a default (even though it was "settled") That would negatively impact your credit. In the OP's case, a deedback would be invisible.
 

JudyS

TUG Member
Joined
Jun 6, 2005
Messages
4,166
Reaction score
211
Points
448
Location
Ann Arbor, MI
a deedback and a deed in lieu of foreclosure are two completely different animals. a deedback is done when there is no debt and no, or minimal monies owed and no negative consequences. It is essentially a sale.

A deed in lieu of foreclosure acknowledges that you one party has failed to live up to their obligations and has defaulted. Any debt forgiven can be counted as income by the IRS and can be reported to the credit agencies as settle fo less than full amount. That is a negative mark.

respectfully, deed in lieu of, assumes foreclosure is a valid option for the developer, even if there is no debt other than upcoming MF. If the dev reports delinquencies to the credit agencies, then they are likely to report a deed in lieu of as well, and it would be classified as a default (even though it was "settled") That would negatively impact your credit. In the OP's case, a deedback would be invisible.

I agree with Comicbookman. A "deedback" that is offered by a resort to all of its owners should have no impact on one's credit. A "deed in lieu of foreclosure" is something completely different and can have a huge impact on one's credit rating (although not as bad as an actual foreclosure would be.)
 

Pat H

TUG Member
Joined
Jun 6, 2005
Messages
3,469
Reaction score
67
Points
433
Location
Sun City Hilton Head
Resorts Owned
Brigantine
After Wyndham took over Fairfield, the m/f's skyrocketed. They also took away the internal trading option. I could no longer afford the m/f's so I stopped paying. I offered to sign it over to Wyndham and they said no. Instead they paid a lawyer to foreclose. No effect whatsoever on my credit.
 

Ty1on

TUG Member
Joined
Jun 10, 2015
Messages
5,119
Reaction score
1,952
Points
348
After Wyndham took over Fairfield, the m/f's skyrocketed. They also took away the internal trading option. I could no longer afford the m/f's so I stopped paying. I offered to sign it over to Wyndham and they said no. Instead they paid a lawyer to foreclose. No effect whatsoever on my credit.

It should be noted by anyone reading this that this is your experience, and another person should not expect the same experience. Wyndham and other companies can and will report foreclosures to the credit agencies, even if it is only for back MF. Some are fortunate that their credit reporting fell through the crack.
 

Ottomatic

TUG Member
Joined
Nov 5, 2015
Messages
1
Reaction score
0
Points
0
In the situation mentioned it should not damage your credit.
So currently DRI and Wyndham and a few other companies are offering these type of no strings attached deed back for paid in full units that are current on MF;s. They may or may not charge a fee to do so.
Hi - I'm a noob here. We own a DRI timeshare and would like to unload it. Great week in Williamsburg, VA, but we have never used it (it was a "gift"). It is fully paid, so no balance owed other than recurring maint fees. Do you know how I would go about taking advantage of a deed-back with DRI?

Thanks for your help!
 

csxjohn

TUG Review Crew: Expert
TUG Member
Joined
Apr 25, 2012
Messages
6,551
Reaction score
134
Points
348
Location
North East Ohio
Resorts Owned
Tropic Shores Resort, Bluegreen points
Hi - I'm a noob here. We own a DRI timeshare and would like to unload it. Great week in Williamsburg, VA, but we have never used it (it was a "gift"). It is fully paid, so no balance owed other than recurring maint fees. Do you know how I would go about taking advantage of a deed-back with DRI?

Thanks for your help!

Here's a thread on the subject.

http://tugbbs.com/forums/showthread.php?t=224859
 
Top