Legal Question in Real Estate Law in California
My husband & I bought into shelll vacations club which sells "points". We can nolonger afford to pay for vacations so we tried to sell on line & called the finance company to give it back. They say we can not give bak & if we don't pay they will foreclose. What exactly does that mean? We don't have access to real property and the only tangible items we "own" is a piece of paper.
1 Answer from Attorneys
You do own an interest in property, even though it is very vaguely defined. It is like a time share interest. I do not know if the "finance company" is the company that originally sold you the interest or one that you borrowed money from to pay for the "points". If it is the first, then when they foreclose that would wipe out the debt you owe them because they have back what they sold to you and the payments you made on it. If it is the second, then they can still go after you because you still have the money they lent you so they are entitled to get back that amount less the fair market value of the points.
There are companies that buy time shares from individuals and then resell them [often at about half the original price]. Have you tried them?
The "piece of paper" is the legal proof of ownership of the property interest.
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