Can a lien be placed on my home if my timeshare is foreclosed on?
I’ve always made on-time monthly payments on my timeshare until now…I’ve filed for hardship with the timeshare company but haven’t received an answer from them. I am thinking of letting it go into foreclosure because I can’t make payments anymore. They won’t let me sign the Warranty Deed in Lieu of foreclosre and instead offered me a downgrade. I’m afraid of legal issues. What should I do?
I would say that if you have not applied for a HELOC, then you are safe. If you went and refinanced using your equity in your home, then the debt is with your home mortgage lender and not the timeshare company. You might want to look at selling for what is owed on ebay or craigslist. Visit Timeshare Advocacy International for more.
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I would say that if you have not applied for a HELOC, then you are safe. If you went and refinanced using your equity in your home, then the debt is with your home mortgage lender and not the timeshare company. You might want to look at selling for what is owed on ebay or craigslist. Visit Timeshare Advocacy International for more.
References :
http://www.timeshareaide.com
This is not legal advice. Please take it knowing that it’s free advice. A paid attorney will give you the best advice & protection. Opinions are the cheapest commodities in the world and everyone gives them away for free.
I know that there have definitely been cases where timeshares have placed liens on real property like a home. Now, your situation and resort may differ, but the situation that you are spelling out does not instill confidence. You really need to read your contract thoroughly.
You may want to write your congressman for help and advice if you cannot pay for help. Or, go to the news media and have them fight for you. Make noise…fight…do not lie down to die!
References :
http://www.timesharerelief360.wordpress.com
I am almost 100% positive that they cannot place a lien on your home anymore than if you defaulted on a car loan or credit cards (my opinion as I am not an attorney, etc).
I can tell you that it will definitely hurt your credit and they will take your timeshare away from you. Please try to find an alternate situation, if possible.
Can you rent out your timeshare to help cover the fees?
I would highly recommend that you talk to other timeshare owners to find out what they have done in this situation.
Please go to http://www.tugbbs.com , which is a free timeshare forum contributed by timeshare owners. It will cost you absolutely nothing to ask this same question there. The people there are very helpful, considerate and empathetic to different situations.
References :
http://www.tugbbs.com
I think you need to talk with a real estate attorney. Part of your answer will depend on who owns title to the property. But, if they get a court judgement against you, they might actually be able to place a lien for the unpaid balance against your main home. Get legal advice.
References :
Have you tried to sell your time share?
References :
http://equityexcel.blogspot.com/
Did you offer your home up for collateral when you borrowed money to purchase the time share? If not then they cannot get it. They only get at the collateral you pledged.
Let them foreclose.
References :