Deedback question

[scubatony Junior Member Find all posts View Profile Close scubatony]

I've recently called my TS company and was told they would take it back even though there is money left on the loan. I received the paperwork to complete today which is called a 'Revocation of Interest' and needs notarized, etc. Is this the same as a deedback? I want to make sure I'm not just giving them the TS and still will owe the loan. Anyone else have this experience?

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

If your current loan is set up as a mortgage against the deed, it wouldn't make sense for the HOA to accept the ownership back and leave the mortgage as a lien against the interest. The would not be able to provide clear title when they resold it at a later date..

However, if your loan is through a third party such as a home equity line of credit or a signature loan (or even a mortgage through another lender who is not affiliated with your resort) the deedback wouldn't have any impact on your requirement to pay.

Just to be thorough and document for your own piece of mind, ask your contact at the resort who is processing the transfer to email you with a statement that your remaining loan will be cancelled.

Also, please reply to this thread with the name of your resort- so perhaps other owners can also inquire for revocation.

[scubatony Junior Member Find all posts View Profile Close scubatony]

Thanks. The loan is through the resort/developer- and that is who I called and wh I make payments to, so it seems up and up but I'll call again tomorrow to ask for something more blunt in email confirming this indeed relieves us of further obligation. Once I have confirmation this is on the up and up and actually goes through, I'll be happy to share the details here.