Legal Question in Real Estate Law in Florida

Salary cut-Can't pay on timeshare & maintenance fees-Help

In April of 2001, my son and I purchased a timeshare in Florida. I have recently been notified by my employer that due to economic downturns, my salary will be cut beginning December 1, 2003. With the salary cut, I can no longer afford to pay on the timeshare mortgage and the home owner maintenance fees for 2004. Since my cash flow is mainly non-existent, I do not have the money to pay a timeshare reseller to list my timeshare. What happens if I just quit making the payments? If they foreclose, would the equity from the sale be applied to paying off the maintenance fees? Help!!


Asked on 11/19/03, 1:22 pm

2 Answers from Attorneys
David Slater David P. Slater, Esq.

Re: Salary cut-Can't pay on timeshare & maintenance fees-Help

I have handled this matter before. The owner may take back the property in lieu of the payments outstanding. Good luck.

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Answered on 11/19/03, 2:29 pm
Cheryl Rivera Smith The Smith Law Firm

Re: Salary cut-Can't pay on timeshare & maintenance fees-Help

Don't just stop making the payments. All of the costs of foreclosure and re-selling could be charged back to you in the form of a deficiency judgment. Try and work it out with the management company or try to sell it yourself.

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Answered on 11/19/03, 6:27 pm


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