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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 21270
Experience:  13 years real estate, Realtor. Landlord 24+ years
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The maintenance fees on our 2 Flordia timeshare weeks are too

Customer Question

The maintenance fees on our 2 Flordia timeshare weeks are too much for us to afford and now there is a new renovation fee added the base fees. If we stop paying and offer the property deed in lieu of foreclosure/fees can a lien be placed on our primary residence in Ohio.
Submitted: 8 months ago.
Category: Real Estate Law
Expert:  Barrister replied 8 months ago.
Hello and welcome! My name is XXXXX XXXXX X will try my level best to help with your situation or get you to someone who can.
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Has the company said they will accept a deed in lieu (DIL)?
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Do you have equity in your home?
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Are you employed?
.
.
Thanks
Barrister
Customer: replied 8 months ago.

I haven't asked them yet, but they did say they weren't in the habit of taking back units.


 


Yes we have equity in our principal residence. The timeshares are paid in full


 


We are both retired

Expert:  Barrister replied 8 months ago.
Thank you for the additional information. As you probably already know, you can only do a DIL if the company agrees to accept it back. But if they did, then that means that they are accepting it back and cancelling any further obligation. If you have a desireable timeshare, they might be willing to do so, but to be honest, the market is flooded with timeshares by people who just want to get rid of them. So I wouldn't get my hopes up they would accept it back..
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If you just defaulted, then they could come after you and file suit to get a judgment against you under a breach of contract claim.
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However, OH has an exemption of $132,900 in equity in a person's home. So if you don't have more equity than that, then your home is safe. Since your only income is retirement income, that is safe as well since it is exempt from garnishment under federal law.
.
.
Thanks
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 21270
Experience: 13 years real estate, Realtor. Landlord 24+ years
Barrister and 8 other Real Estate Law Specialists are ready to help you
Expert:  Barrister replied 8 months ago.
Thanks so much for the positive rating, it is very much appreciated.
.
One other thing...you mentioned that you tried to sell and give it away...You might try contacting a couple orgnizations that accept them as donations. There are no guarantees, but it is worth a try...

There are various charitable organizations that you may be able to donate it to and get a tax write off for the donation at no cost to you. All fees must be current in order for them to consider it.

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These are a few that you might want to try:

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http://www.donateforacause.org/index.php

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http://www.timesharetrap.com/charities_that_accept_timeshare_donations.html

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Thanks

Barrister

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