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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Not to worry... Posted by Nancy on December 17, 2007 at 3:56 PM In Reply to: Not to worry... posted by Ward-CA- on December 10, 2003 at 7:32 AM : : Hello; : : We have two Fairshare Plus Points timeshare that is to be deeded when paid off, but we can nolonger keep up with the payments and the ever riseing association fees. I have made payments on the property for about two years. I'm about nine months past due and they are pressing me with forclosure. I live in a different state than the resort property. they are wanting me to pay a fee for them to do a deed in lieu of forclosure which is around $5,000.00 I don't have that money. : : : : 1. What happens in a foreclosure of this type? : : 2. What can they do to me? Can they garnish my wages or put a lien on my residence? : =?=?=?=?=?=?=?=?=?=?= : Tom, : The foreclosure auction of a timeshare works the same way as the foreclosure of a fee simple property. : I don't see any benefit to you paying out $5K on property you're going to dump, especially a timeshare. : I don't think the timeshare people are going to do anything more than foreclosure against your timeshare interest. It takes money for them to legally pursue you for any deficiency that you might owe and in your instance they'd have to do it across state lines. It's not cost effective for them to do so. : So they will huff and puff hoping to scare you into paying them something. But they aren't going to garnish your wages nor will they lien you out-of-state property. : Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : Hello; : : : We have two Fairshare Plus Points timeshare that is to be deeded when paid off, but we can nolonger keep up with the payments and the ever riseing association fees. I have made payments on the property for about two years. I'm about nine months past due and they are pressing me with forclosure. I live in a different state than the resort property. they are wanting me to pay a fee for them to do a deed in lieu of forclosure which is around $5,000.00 I don't have that money. : : : : : : 1. What happens in a foreclosure of this type? : : : 2. What can they do to me? Can they garnish my wages or put a lien on my residence? : : =?=?=?=?=?=?=?=?=?=?= : : Tom, : : The foreclosure auction of a timeshare works the same way as the foreclosure of a fee simple property. : : I don't see any benefit to you paying out $5K on property you're going to dump, especially a timeshare. : : I don't think the timeshare people are going to do anything more than foreclosure against your timeshare interest. It takes money for them to legally pursue you for any deficiency that you might owe and in your instance they'd have to do it across state lines. It's not cost effective for them to do so. : : So they will huff and puff hoping to scare you into paying them something. But they aren't going to garnish your wages nor will they lien you out-of-state property. : : Hope this helps. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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