Legal Question in Civil Litigation in Nevada

Notice or Default and Election to Sell

I purchased a timeshare 4 years ago which still owe on. When we bought the timeshare we received a letter stating we were exempt from the special assessment fee. In December, we received a notification to pay a new special assessment along with the annual maintenance fee. I now understand that the association plans to sell my timeshare in 30 days. What happens if the sale / auction does not bring in enough to cover the outstanding loan?


Asked on 8/25/07, 1:57 pm

1 Answer from Attorneys
Jim Herbe Black & Lobello

Re: Notice or Default and Election to Sell

If you short sale a timeshare and the auction price fails to cover the outstanding mortgage loan, you will be personally responsible for the remainder of the balance.

The ability for the time share company to levy a new assessment fee depends on the terms and conditions of your initial contract.

If you would like to speak to an attorney in our office regarding your situation feel free to do so.

Typically we offer hourly consultations at $100/hr to review documents and discuss them with you.

Best Regards,

Jim Herbe

Read more
Answered on 8/27/07, 12:15 pm


Related Questions & Answers

More General Civil Litigation questions and answers in Nevada