Wednesday, December 28, 2005
Lender May Refuse Deeded-Back Property
DEAR BOB: Can I deed back my timeshare property to my lender if I no longer want it? -- David Z.
DEAR DAVID: Yes, you can deed real timeshare property to the lender, but the lender does not have to accept the deed. A few years ago, during the California real estate recession, so many borrowers were deeding property to their lenders the state legislature passed a law giving lenders 30 days to accept or reject such deeds in lieu of foreclosure. Deeding the timeshare to the lender, without advance approval, may reflect adversely on your credit report.
DEAR BOB: Last January, I paid off my mortgage. The timeshare lender sent me a "deed of reconveyance" (similar to a mortgage satisfaction) to have recorded. When I took it to the escrow company that handled my loan, they charged me $51 and said it would take about six weeks to record. To make a long story short, I've been phoning every six weeks for proof that the document has been recorded, but I always got excuses. At the end of July, they told me the recorder may have lost the original document. What should I do? -- Kay W.
DEAR KAY: Congratulations on your persistence in following up to be certain your timeshare mortgage or deed of trust is cleared from the title to your property. Persist again with the firm that's supposed to be handling this to see if the original document got recorded. All you need is a copy of the recorded document, including the recorder's stamp.
DEAR DAVID: Yes, you can deed real timeshare property to the lender, but the lender does not have to accept the deed. A few years ago, during the California real estate recession, so many borrowers were deeding property to their lenders the state legislature passed a law giving lenders 30 days to accept or reject such deeds in lieu of foreclosure. Deeding the timeshare to the lender, without advance approval, may reflect adversely on your credit report.
DEAR BOB: Last January, I paid off my mortgage. The timeshare lender sent me a "deed of reconveyance" (similar to a mortgage satisfaction) to have recorded. When I took it to the escrow company that handled my loan, they charged me $51 and said it would take about six weeks to record. To make a long story short, I've been phoning every six weeks for proof that the document has been recorded, but I always got excuses. At the end of July, they told me the recorder may have lost the original document. What should I do? -- Kay W.
DEAR KAY: Congratulations on your persistence in following up to be certain your timeshare mortgage or deed of trust is cleared from the title to your property. Persist again with the firm that's supposed to be handling this to see if the original document got recorded. All you need is a copy of the recorded document, including the recorder's stamp.
# posted by John @ 8:14 AM 
