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attyadvisor
attyadvisor, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 5662
Experience:  28 years of practice consumer protection law
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I am uk based, bought florida

Customer Question

i am uk based, bought florida timeshare in my sole name, although with a partner, approx 2005. sole name as used my credit card to facilitate paying the loan. i seem to recall loan was within/from the timeshare company itself. however relationship/income changed approx 2012. i defaulted the credit card/loan payments and obviously the annual service charges. upshot after few years [3yr?] of ignoring annual service chaser letters [but never any chase for the actual loan] i have now received a letter.... "if you fail to cure the default as set forth in this notice or take other appropriate action... you risk losing ownership... through the 721.855 FL statutes.
paraphrasing the document i am being given the right to 'not object' to the use of the trustee foreclosure procedure. if i do not object to the use of the trustee foreclosure procedure "you will not be subject to a deficiency judgment, even if the proceeds of sale of your timeshare interest are insufficient to offset the amounts secured by the lien."
can you advise - if do not object - am i correct in assuming they will NOT chase for any shortfall from the loan, maintenance fees and their legal costs etc.
i can respond and say i object but then "the trustee the foreclosure of the lien with respect to the default specified in this notice shall be subject to the judicial foreclosure procedure only." [this seems to be to be the worse of the two options due to the court process/fees etc]
additionally how would any of this impact if i wanted to visit usa again? would this bad credit history put be on a 'watch list?' and i be refused entry?
thanks in advance.
Submitted: 8 months ago.
Category: Consumer Protection Law
Expert:  Gerald-Esquire replied 8 months ago.
Hello,Thank you for using Just Answer. I want to provide you the best service I can. Please feel free to ask any follow up questions you have.I am an attorney with 30 years of experience; I hope to provide you information that will help you in resolving your question. If you do not object they do not have to expend additional funds getting the judgement against you. Since thse legal fees and costs can be substantial they are offering you an "OUT." If you acquiesce to the foreclosure and save them the time and money if fighting you they are letting you go without having to pay any shortfall or costs. Unless you intend to rehabilitate the loan and pay up you past due fees and continue to use the time share, I can not imagine why you would object. The negative credit report has no effect on your eligibility to enter the US. This type Debt in the US is entirely a civil matter and the government has no interest or involvement in it. I want you to be comfortable and satisfied with my attempt to assist you. Please, if you have ANY follow up questions, feel free to ask. Please note that I am generally unavailable Friday evening through Sunday. I hope the information I have provided is useful to you and that I have earned a positive rating from you. It costs you nothing extra, and is the only way I get credit for my attempt to assist you. If you are dissatisfied with my response PLEASE let me know before giving me a negative review so that I may try to be of better assistance. Or if you prefer, let me know and I can “Opt Out” and your question can be re-posted without additional cost to you. I will be fair to you and only ask the same from you.Good luck, Please note: Information given is not legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing.
Expert:  Gerald-Esquire replied 8 months ago.
By the way here is a link to the Florida Statute: http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0700-0799/0721/Sections/0721.855.html Good luck.Kind regards,Gerald(Please do not forget to rate me. It adds nothing to your costs but it helps me greatly. Plus it is good Karma for you. Thank you.)
Customer: replied 8 months ago.
thank you Gerald Esq. i did actually ask this question to a specific 'expert' in his message box - it said he was on line - as he had replied to a similar query from another uk citizen.
so slightly disappointed it was not him replying! no offence meant.
therefore could i ask that you OPT OUT on this occasion.
i am aware of the statute. i wanted clarification i suppose that by accepting the non judicial route there was no potential for the lender/timeshare company to try to chase for any losses - say 12 months later. and also they couldn't lodge any negative reports with Florida state etc, or even usa visa/immigration to stop me entering the country.
thank you for your time.
Expert:  Gerald-Esquire replied 8 months ago.
I am happy to opt out if you desire. This was opened to me because the other expert was not available or did not respond within site time frames. I am familiar with issue however. Under Florida law the timeshare company can not chase you for any deficiencies if they elect and you agree to the foreclosure process as described in the letter. The may be a negative report to the Credit databases. They have NOTHING to do with state or federal government, and the foreclosure has NO effect on your eligibility for a Visa. Please consider accepting my answer. If you still desire me to OPT out I will happily do so. Thank you,Kind regards,Gerald
Customer: replied 8 months ago.
thank you but please OPT OUT.
Customer: replied 8 months ago.
i submitted this question via LAW PRO [also known as Fred] message/query box - as he has dealt with similar uk citizen, usa debt timeshare question. could you ask that he provides my response. many thanks.
Expert:  attyadvisor replied 8 months ago.
Fred is no longer working on the can anyone else assist you?
Customer: replied 8 months ago.
Feel a bit misled. As i had seen his respose to a similar query (real estate consumer protection) i specifically put my query into his message box which said he was online! If hes no longer active on site he should not have an active link/query box.
Expert:  attyadvisor replied 8 months ago.
I agree! I just reported to the site that they are showing Fred as online and that is misleading. I am another attorney and since I know Fred I knew he was not online. I can ask the site to refund you or I can help you.
Customer: replied 8 months ago.
as i decided to use this site based on the specific knowledge of Fred [having seen his response to similar issues like mine] - and used his link/question box rather than a generic query option - i would like a refund please.
thank you for taking the time to respond.
Expert:  attyadvisor replied 8 months ago.
Let me advise the site. Thank you.