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TexLaw, Attorney
Category: Legal
Satisfied Customers: 4430
Experience:  Lead trial/International commercial attorney licensed 11 yrs
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My wife and I have owned two timeshares since the early 90s

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My wife and I have owned two timeshares since the early 90's and have used them less than five times in all these years. Because the maintenance fees have skyrocketed, we decided not pay them this year, and they were due by the end of January. We have now received a letter stating that unless we pay the fees within 15 days of the receipt of the letter, they will turn the matter over to a lawyer for starting the process of foreclosure. We have attempted to sell them and are not having any luck. Can you advise what the legal ramifications are if they proced to foreclose? Currently, we do not have the money to pay these fees; and we have told them they could have them.

Thank you for your question.

When the they foreclose on your timeshare they will sell it and use the proceeds to pay the overdue fees. Once the timeshare is foreclosed and your name is XXXXX XXXXX the title, then you are no longer on the hook for any remaining fees. The foreclosure will be listed on your credit history and will dramatically lower your credit score.

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Best Regards,
Customer: replied 4 years ago.

When you say "dramatically lower your credit score," will that impact purchases like a new vehicle? We do not plan to purchase another house in our lifetime. I am 66 years old, and my wife is 63.

Thank you for your response.

Yes, it will affect your credit and cause the financing on a new vehicle purchase to be more expensive. I'm not able to say exactly how much, as I cannot represent to you how the credit agencies score a foreclosure on a timeshare. However, you would definitely see a difference.

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