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I have a timeshare in florida that I walked away from in…

Customer Question
I have a timeshare...

I have a timeshare in florida that I walked away from in 2006. I received a certified letter in yesterdays mail placing a lien on the property. I live in texas and don't want the property anymore. what are my options ?

Lawyer's Assistant: Have you thoroughly reviewed the contract?

I don't even know if I stil have the contract. It was paid off in the 90's.

Lawyer's Assistant: Has any paperwork been filed?

Not for another 30 days.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I want to just walk away from it and be done with it. I quit paying maintenance fees in 2004.

Submitted: 8 months ago.Category: Real Estate Law
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Answered in 8 minutes by:
9/17/2017
Real Estate Lawyer: Damien Bosco, Lawyer replied 8 months ago
Damien Bosco
Damien Bosco, Lawyer
Category: Real Estate Law
Satisfied Customers: 4,538
Experience: Attorney. Well versed, understanding, friendly
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Hello: My name is ***** ***** I am an attorney. Please give me a moment to review your question. I may ask some questions to clarify issues.

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Real Estate Lawyer: Damien Bosco, Lawyer replied 8 months ago

The only concern I may have for you is that there may be a chance that the lender can go after your personal assets (e.g. bank accounts, other homes) as a result of a deficiency judgment. Would you like information on it?

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Real Estate Lawyer: Damien Bosco, Lawyer replied 8 months ago

Here is some information. We can discuss if you want to do so after you read it.

Foreclosures in Florida are judicial, which means the lender has to go through state court to get one. In Florida, the lender may obtain a deficiency judgment as part of the foreclosure action if the borrower was personally served with the foreclosure complaint. The lender may also file a separate lawsuit against the borrower for a deficiency unless the court in the foreclosure action has granted or denied a claim for a deficiency judgment.

When a lender forecloses on a mortgage, the total debt owed by the borrower to the lender frequently exceeds the foreclosure sale price. The difference between the sale price and the total debt is called a deficiency.

Say the total debt owed is $200,000, but the home only sells for $150,000 at the foreclosure sale. The deficiency is $50,000.

The judge determines the amount of the deficiency judgment. The court has flexibility regarding the amount of the deficiency. However, it generally cannot exceed the difference between the judgment amount and the fair market value as of the date of sale, particularly (pursuant to Florida statute) if the property is:

  • owner-occupied, and
  • residential.

Time limit to request a deficiency judgment. Effective July 1, 2013, the period of time in which the lender may seek a deficiency judgment is reduced from five years to one year for residential properties with no more than four dwelling units.

Let me know if you need further help or have further questions.

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Real Estate Lawyer: Damien Bosco, Lawyer replied 8 months ago

Hello again! Checking in to see if you need further help. Your satisfaction is my goal, and I'm happy to answer a related follow-up question you may have. If I have not answered your question completely or missed a question, please let me know and I will attempt to answer it. If you are satisfied with your answer, please provide a positive rating between 3 and 5 stars for the service I provided to you. Best regards.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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