Legal Question in Consumer Law in Florida

Timeshare

I can not afford the loan payment or maintance fees anymore what will happen if I authorize my bank to stop the loan payment withdraw from my checking account and I stop paying the maintance fee and can just take it back?


Asked on 2/03/07, 12:04 pm

2 Answers from Attorneys
Alan Wagner Wagner, McLaughlin & Whittemore P.A.

Re: Timeshare

you don't say what the loan or maintenance fee is for, but assuming it involves a house or condo then the bank can sue to foreclose on the loan and then have the property sold to pay what you own.

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Answered on 2/03/07, 3:22 pm
Alan Wagner Wagner, McLaughlin & Whittemore P.A.

Re: Timeshare

I probably also should have mentioned, if the sale of the property is not enough to pay off what you owe, then they can get a judgment against you personally. It is almost always better to try to work out a deal with the lender as opposed to just letting the property go into foreclosure -- which also can screw up your credit rating and the ability to purchase other property.

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Answered on 2/03/07, 3:24 pm


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