Legal Question in Bankruptcy in Florida

Time Share
My husband and I purchased a Time Share in Orlando, Florida in 2005 for $15,000. We currently owe about 13,000. We're making our monthly payments of $255 just fine, until we just purcahased a new home in PA. Now with all the expenses that we are facing we cannot longer afford to make the monthly expenses and the taxes that we have to pay every other year which for us is due every even year and the end of the year. My question i: If we stop making the payments, can the Time Share company do something with our home.? Such as a lean or stop us from selling the house at some point if we decide to sell on the near future. Also will this taxes and maintance have anyhing to do with the IRS. Will the IRS take our income tax at the end of year when we file taxes.?

Asked on 9/03/08, 6:55 pm

Richard Nazareth The Nazareth Law Firm, P.A.

0 users found helpful

0 attorneys agreed

Re: Time Share

If your timeshare is secured only by the mortgage/note all the company may do is file a timeshare lien and foreclose on that lien.

However, they may seek a defiency judgment against you for the loan amount. It is probably unlikely but they may report it to a credit bureau.

Answered on 9/04/08, 10:04 pm

Keywords

Match Any Match All

Country

State

Area of Law