Legal Question in Real Estate Law in Georgia
I submitted a question earlier yesterday regarding legal ramifications for failure to pay maintenance fees on a timeshare condo property in N.C. I originally obtained three timeshares from my father-in- law and over the period of the last ten to twelve years managed to get rid of one of the condos. When I retired two years ago I couldn't afford the fees so I wrote both management corp. and offered to do a Deed in lieu of foreclosure, but neither one accepted. I then stopped payment of maintenance fees and after a little more than a year of harassing bills and phone calls, one of the management corp. agreed to take back their property and cancel the debt. The management corp. for the last property has turned the matter over to a collection agency and the rest is history. As I previously stated, when I submitted my question earlier the lawyer's response was that "I shouldn't have accepted the property from my father-in-law". I mean really, that kind of advise is nothing short of brilliant. That would be like asking a divorce lawyer for advise twelve years after a failed marriage and him responding, "You shouldn't have married that individual". How does that help. I would like to know if they can place a lien on my property, sue for thousands or ruin my credit. I can take the credit hit, but for how long would the credit hit last? Thanks
1 Answer from Attorneys
Presumably they can sue you, get a judgment and it would attach to your real estate and could be used to garnishee your income and bank accounts, plus it would go on your credit history for seven years. Time shares are essentially toxic to their owners, as you have found. An option might be to cut a deal in writing with the collectors (you may get a 1099 and owe some taxes on the amount wiped out).
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