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RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 23427
Experience:  9+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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MY deceased husband and I purchased a time share 11 years

Customer Question

MY deceased husband and I purchased a time share 11 years ago. We vacationed the first
year and then he passed away. We paid cash for the unit. Our maintenance and taxes started out to be around five hundred a year. Our vacation was for every other year. I have not been there since 2006. The maintenance and taxes are a little less than 1,000.00at this time. The company went bankrupt and sold out the complex. Last year I tried to give the unit back to them free of charge and let me out of this contract. The company running it now said "no way" timeshares are worthless nothing. Just keep paying the maintenance and taxes. This past January I did not send in my money. Today I received a letter stating " Notice of intent to file a lien". My question is what will they put a lien on. I owe nothing on the timeshare, nothing on my home and my car is paid off. Also I heard the the Attorney General is trying to put a stop to this type of business. Also if they had the unit all this time, they could have rented it out and applied that money to the yearly fee. Let me know your thoughts on this transaction.
Submitted: 2 months ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 2 months ago.

Good afternoon. I understand what you are going through and actually hear this a lot. Can you share with me the name of the resort?

Expert:  RealEstateAnswer replied 2 months ago.

Have they sent this to collections yet?

Customer: replied 2 months ago.
The company is Liki Tiki Village II, a/k/a Isle of Bali II, a condominium, located in Orange County Florida. I have received a letter of Notice of Intent to File a Lien.
Expert:  RealEstateAnswer replied 2 months ago.

Thank you for the additional information. As you were told, timeshare rarely have any market value. They are not an asset but a liability. As this point, if they have placed a lien on the property, the next step would be that they will eventually foreclose and take it back. However, there is something a clause in the agreement which allows them to take it back, as long as you do not object, to avoid having to actually foreclose through the courts. Moreover, as this become more past due and they know they are not going to get paid, they may offer you a deed in lieu of foreclosure and at that time, take it back. Foreclosing takes time effort and money and they will not likely be able to go after you for anything owed either. As long as this has not been reported and effected your credit, you may want to consider not paying and just letting them take it back.

Expert:  RealEstateAnswer replied 2 months ago.

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