Giving back to seller

[never Junior Member Find all posts View Profile Close never]

Hi!
I bought a timeshare and after I stop paying my mortgage and fees finally I made a deal with the company that they will take back the contract. [I offer them $1500].They sent me a Warranty Deed .I would like to know is that sound OK?Do they able to scam me somehow again?What could be pitfalls in this case?Do they can still claim any payment [mortgage or maintenance fee taxes etc..]or put on my credit after this Deed ?
Should I ask from them a statement saying that I don't owe anything after they take my offer? I was thinking making a statement saying that if they deposit my check [from the $1500]and take the money from my account they will acknowledge that I don`t owe anything for them or theirs mortgage company and there can not be made any kind of claim in the future .
Here are my facts:
-I owe them maintenance fees
-Assessment fees
-Mortgage is on the property

This is what they wrote in e-mail:
On behalf of the Developer, attached is a warranty deed with
instructions for proper execution.
Upon receipt in our office of the amount you have agreed to pay,
$1500.00 US and a properly
executed deed, we will relieve you of any further obligation on this contract.

That`s how my deed looks:
Warranty Deed
This Indenture,made this______day of______,A.D.2010,between,[MY NAME],
whose post office address is[ MY ADDRESS],Grantor,and TIMESHARE COMPANY NAME inc,whose post office address[Address],Grantee.
Witnesseth:
That the said Grantor,for and in consideration of sum of Ten Dollars($10.00)and other good and valuable considerations to said Grantor in hand paid by said Grantee,the receipt whereof is hereby acknowledged,has granted ,bargained and sold to the said Grantee,and Grantee`s heirs and assigns forever,the following property situate,lying and being in Osceola County,Florida,to wit:
A Timeshare estate consisting of the following :
Annual timeshare period(s):
Biennial tmeshare period(s):***-** odd in unit two
in **PLACE NAME******,A Timeshare Plan according to the Declaration of Time-Share Plan thereof,including any exhibits attached thereto,as recorded in Official Records Book 1030,at Page(s)**** trough ****,inclusive,of the Public Records of Osceola County,Florida,as amended from time to time.
SUBJECT to following:
1.Taxes for he current and subsequent years;
2.Conditions,limitations,restrictions,easements and other matters of records;
3.Declaration of Time-Share Plan for***Company Name**** and any exhibits attached thereto and any amendments thereof.
And said Grantor does hereby fully warrant the title to said land,and will defend the same against the lawful claims of all persons whomsoever.
This instrument was prepared without examination of title and no warranty or other representation is made by the preparer and no express or implied opinion is given as to the marketability or condition of the title,the quantity of lands included therein,the location of the boundaries,thereof,or the existence of unpaid taxes,encumbrances or any other matters affecting the property or the nature of the title thereto.

In Witness Whereof,Grantor has caused this instrument to be executed on the day and year set forth above.

witnesses_______ ___________
Notary Public______ seal etc......


I really worried about the"Subject the following " points.What are those means ?Do I need to pay something after I give it back?Do I need more documents from them or I need to prepare anything or I need to request ?
Sorry for all this questions ,but I don't want to and up screwed again.

[tonyg Goomba & Super Moderator Find all posts View Profile Close tonyg]

I think if you can get the email in the form of a letter you should be OK. You might also note on the check that "this is payment in full to settle the contract with ... on....resort.

"On behalf of the Developer, attached is a warranty deed with
instructions for proper execution.
Upon receipt in our office of the amount you have agreed to pay,
$1500.00 US and a properly
executed deed, we will relieve you of any further obligation on this contract."

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

It sounds like the basic language used for a deed in lieu offer..

I'm pretty cautious by nature, so I always try to reconfirm everything when possible. You may want to check with your resort to confirm that the deed in lieu is offered for both the mortgage and the outstanding maintenance balances.

In the very rare event that your mortgage was held by a non-affiliated third party (for example, if you had refinanced in the past with an independant lender such as Tammac) the collection agent may not have the authority to release you from the mortgage.

If your developer is still servicing the loan (even if they sold the note to an institutional buyer), they'll have the authority to release you from the loan. They will simply replace your note in the mortgage portfolio with another of similar monetary value.

Chances of this coming back to bite you are probably miniscule. But with the economy, collection companies have been hiring at a record pace. Their new employees may not be as well trained as they should be, so just be sure to double check with your resort hoa or management company as to the terms of the deedback and ask the collection agent to send you the deed in lieu terms in writing.

Finally, don't be surprised if you reach someone at your resort who has no idea what has been offered. These relinquishment programs are normally handled by a very specific department. The collection agent should be able to give you a contact person at the resort if owner services or finance is unaware..

[never Junior Member Find all posts View Profile Close never]

RE

Thanks for the answers.I still have one more question .
I did not made this deal with a collection agent ,but with a financial operator from the developer .
My Q. is : Does the developer company has the power to deal with a third party [mortgage company] whom servicing my loans and close my account with them?

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

I'd personally feel more comfortable dealing directly with a developer employee than a third party collection agent.