How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ray Your Own Question
Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 36972
Experience:  30 years in civil, probate, real estate, elder law
8534270
Type Your Legal Question Here...
Ray is online now
A new question is answered every 9 seconds

We purchased a time-share in 2008. We are both 76 years old

Customer Question

We purchased a time-share in 2008. We are both 76 years old and can no longer afford to pay our mortgage and maintenance fees. They won't by it back. We see many people on Craig's List or other sites trying to sell them for $500 dollars or less. The Time Share company has first right of refusal on any sale. (We have paid approx. $10,000 and still owe $8,000)
If we just stopped making the payments, can they put it into foreclosure? Is it actually "property" or just the right to use one of the units. We feel as though we have been scammed and don't know how to get out of this.
Submitted: 7 months ago.
Category: Legal
Expert:  Ray replied 7 months ago.
Hi and welcome to JA. Ray here to help you today. If you let this go into foreclosure in Florida where the property is located it would be judicial foreclosure.This means if it sells for less than you owe in maintenance or other fees then they get a judgment against you and your spouse. So you want to try and sell this if at all possible and avoid a judgment. Here are legitimate rated Florida timeshare resellers.If you click on each one you can see their rating, hopefully A+ and any reviews/complaints. This is really your best option to try and unload it and avoid foreclosure.http://www.bbb.org/central-florida/accredited-business-directory/timeshare-resale-and-rental-marketing The other option is timeshare donation.I warn you there is a fee but this is another legitimate way to unload it. https://www.donateforacause.org/ Ebay is a final option http://pages.ebay.com/realestate/timesharesellerguide.html I would start by calling the timeshare and asking what forms and fees they have for a sale so that if you locate a buyer you have what you need and you know what fees are involved. The other options a reseller or donation or Ebay come after that. You want to avoid foreclosure unless everything else fails.A judgment would ding your credit, lien any homestead, and cause you some financial pain as well. They are likely to sue you in Florida where the property is located. Florida has harsher foreclosure laws too. I appreciate the chance to help you today.Thanks again.
Customer: replied 7 months ago.
Thanks for your advice. It doesn't make us happy, although we do appreciate the information.
Expert:  Ray replied 7 months ago.
You are so welcome.I understand these things are an albatross and you want to be rid of it here.Try one of the legitimate BBB resellers to try and unload it.
Expert:  Ray replied 7 months ago.
If you can positive rate it is always much appreciated. Thanks again.