What is the word/term?

[clifffaith]

When you own the timeshare free and clear and default on maintenance fees but the timeshares in particular states can only foreclose on the timeshare, not go after your money? I've heard it often enough but it escapes me. And is Hawaii one of those states?

 

[AwayWeGo]

Recourse ?

 

[clifffaith]

Recourse ?

No, I don't think so. Maybe? Something like non-somethingstate, or maybe somethingstate. Florida is one and maybe north and/or south Carolina, and maybe AZ because of the lawsuits that have been brought there. Everytime someone pops up with "can I walk away" they are asked which state and this term comes up. Only the timeshare is at risk for non-payment, none of the other assets. Tried to google and of course all I get are exit team ads.

 

[DeniseM]

foreclosure?

 

[Passepartout]

When you own the timeshare free and clear and default on maintenance fees but the timeshares in particular states can only foreclose on the timeshare, not go after your money? I've heard it often enough but it escapes me. And is Hawaii one of those states?

anti-deficiency. No, I don't think so.

 

[clifffaith]

anti-deficiency. No, I don't think so.

That's it! Thank you!

 

[Passepartout]

I hate it when I have a senior moment and a word, name, or term escapes me. You're welcome.

 

[dioxide45]

And is Hawaii one of those states?

Links to Official State Timeshare Laws and Guides/Manuals

@TUGBrian @DeniseM @CalGalTraveler take a look. This weekend, I’m creating a spreadsheet with official links to states’ timeshare laws, as well as their statuses as to non-judicial, anti-deficiency foreclosures. In the meantime, I will just keep adding notes. * Legal Disclaimer: This list...

tugbbs.com

 

[DrQ]

Anti-Deficiency Laws

Anti-deficiency laws prevent lenders from filing deficiency suits and instead recover the property itself and its proceeds in sales. Learn more.

www.legalmatch.com