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Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 37066
Experience:  16 years real estate, Realtor. Landlord 26 years
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This is a multi question inquiry which I think would help a

Customer Question

This is a multi question inquiry which I think would help a lot of people. First, I purchased a timeshare back in 2005, I made payments for roughly 6 months and couldn't afford it anymore. This timeshare was purchased in Florida and it is a warranty deeded mortgage. I get monthly statements but haven't acted on any of them since 2005. The Association has been repoting my delinquicies every month to the credit agencies. Much to my surprize this disappeared from my credit report in May of 2015. I am still getting statements. Can they start reporting this to the credit agancies again? Is there Second question: I recieved a bill for maintenace fees on 11/04/2015 for $6500 from First American Title Company. The letter stated that they have been "engaged with Bali II Condominiums to process this notice on their behalf". It states "If you do not pay this amount within 30 days we will file a Claim of Lien against your property". Does the statutes of Limitations apply here? Am I still liable
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.


As a general rule, negative credit events will show up on a person's credit report for up to 7 years and after that drop off as beyond the statue of limitations set under the Fair Credit Reporting Act. Further, under FL law, since this is a contractual obligation, if they didn't take action within 5 years of you defaulting on the payments, then they would be beyond the statute of limitations to pursue you personally for any debt older than that.


However, they can pursue you for up to the past 5 years payments and any future payments. The court in U.S. Bank National Association vs. Patricia J. Bartram, et al, a Florida case decided in 2014, stated that each payment is a continuing obligation and a new default each month when due and not paid. That means that they can continue to report, or start reporting again at any time the negative marks based on the nonpayment..


So bot***** *****ne is that yes, they can come after you for payments up to 5 years old and any future payments as they come due. But the statute of limitations would bar them trying to collect on anything older than 5 years though.. And they could start reporting negative entries again at any time..


I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience, even when I know the answer doesn’t make the customer happy...




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