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Time-Shares/Westgate Lakes Orlando

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Question
My friend was "awarded" this TS in his divorce.  It has no mortgage, just the maintenance fees and it's unfortunately in his name... He has called Westgate and got a prompt 'no' when asked about them buying it back.

He has two kids in college and alimony, etc... he cannot pay anymore.  He's leaning towards just walking away.  Please offer your advice.

Answer
Hello,

I would suggest your friend ask Westgate if they will accept a deed in lieu of foreclosure. If not he might be able to give it away on websites such as tug2.net or redweek.com . I could list it on ebay for him for a fee. He would be responsible for all the fees involved simply because they won't sell with a buyer paying closing costs. If he throws in a free year of maintenance fees he would have a better chance of someone taking it off his hands.

Walking away may harm his credit. I am not familiar enough with westgates collection process and how far they go before they start the foreclosure process.

John  

Time-Shares

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John Kushman

Expertise

I can answer any questions regarding the timeshare industry, developer sales, resales, vacation clubs, donation, liquidation, listing, for sale by owner, RCI, II, SFX exchange. Anything related to timeshares or campground memberships or fractional vacation real estate

Experience

I have been in the industry for 7 years. I started selling timeshare for a developer in South Dakota. I then transitioned into the escrow side of the resale market and I am currently the VP of Sales and Marketing at Resort Closings, Inc. Resort Closings Inc is the largest timeshare escrow service in North America. It provides full service timeshare transfer as well as sales.

Education/Credentials
High School Diploma. 3 years of Higher Education.

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