Legal Question in Real Estate Law in Florida

Time Share forecloser
My wife and I recently purchased a timeshare in florida. do to some unforeseen financial problems we can't afford to pay for it. We have contacted the agency we bought it from, and we have been told many different things that they could do to us if we dont pay. First we were told that we ould just sign the property back over to them, and loose the money we put down for it. then we called back and they said that they were going to foreclose on the property and it would go against our credit. Now we were told that they were going to foreclose and said they would own half our house when they got finished with us. My question is what can they do to us if we cant pay for the property. We have offered to let them have the property back and lose the money that we have put into it, but everytime we call them we get a different story..What is our legal options..

Asked on 8/22/05, 8:38 pm

2 Answers from Attorneys

Peter Gonzalez Sanchez-Medina, Gonzalez, Quesada, Lage, Crespo, Gomez & MachadoLLP

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Re: Time Share forecloser

The contract documents executed when you purchased the time share should indicate what are your rights and obligations in this matter. Generally, if you give the property back in lieu of foreclosure, you should be fine, but you need to make sure that this process is done properly so that the matter is over, forever. For example, you should get a full and final general release of all of your obligations under the contract documents from the appropriate parties. You may need to retain counsel to properly resolve this matter.

Answered on 11/14/05, 4:39 pm

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