QUESTION: Scott in Tampa and his wife bought a timeshare and have been paying on it since 2008. Their son is having medical issues, and now they’re considering a deed in lieu of foreclosure on this timeshare. Dave recommends trying to negotiate with the timeshare company first, but if it forces Scott into default, then he should consider the deed in lieu of foreclosure.
ANSWER: What I would do is negotiate with the company if you can to avoid going into default, but if they force you to go into default in order to negotiate with them, there’s nothing wrong with that. You’ve got to take care of your son first. If they don’t understand that, then that’s part of the risk they took by loaning you money.
You do the best you can do, but your first obligation as a Christian is to take care of your own household. Take care of your own household first, or you’re worse than an unbeliever, Scripture says. You do that first, and then you work with and do the best you can to keep your word. If you make $300,000 a year and this is just an inconvenience, shut up and pay the bill. You signed up for it. If this is the difference between your son getting care and you paying this bill, your son gets care. Then you work with a deed in lieu. When you do a deed in lieu, try to get them to just take the deed in return for letting you off the hook. If they will do that, you’ve got a deal. Take it—especially in a timeshare scenario.