Help.....A Lien!

[mrspaula]

I am new this site and I need some advice. I have a timeshare in which i am about to sell, however, I have a lien against it for not paying MF's. What do I do? I can't afford to pay the fees.

 

[lll1929]

Take out a person loan, pay the fees, sell your unit and use a portion of the proceeds to pay off the loan.

 

[Bill4728]

It is very difficult to sell a TS which you own money on. It doesn't matter if it a mortage or MFs or a lien from either.

Lora's advice is right on. Find a way to pay them off and use the money you get from the sale of the TS to pay it back.

Good Luck

PS be sure to read the thread "how to sell your TS"

 

[SBK]

What if it is only worth a dollar?

What do you think you could sell it for? Would it be more than you owe?

 

[AwayWeGo]

Sella-Sella-Sella.

What if it is only worth a dollar?

What do you think you could sell it for? Would it be more than you owe?

Even if the timeshare is worth less than the lien amount, it's still important to pay off the lien & sell off the unwanted timeshare for whatever it will bring.

Otherwise another round of annual maintenance fees comes up again in just a few more months -- & if those aren't paid another lien gets slapped on.

That's the thing about deeded timeshares -- working out an exit strategy can be semi-tricky.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[icydog]

Even if the timeshare is worth less than the lien amount, it's still important to pay off the lien & sell off the unwanted timeshare for whatever it will bring.

Otherwise another round of annual maintenance fees comes up again in just a few more months -- & if those aren't paid another lien gets slapped on.

That's the thing about deeded timeshares -- working out an exit strategy can be semi-tricky.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

What other types of timeshares are there. All the timeshares I own, whether in a vacation club, fixed weeks, points, or seasons, all have some kind of deed or membership that is impossible to get out of without paying all past due bills. Plus a few I own are impossible to get out of even with me paying 1/2 of all the fees needed to close them.

 

[AwayWeGo]

Quick & Easy Timeshare Exit Strategy.

What other types of timeshares are there. All the timeshares I own, whether in a vacation club, fixed weeks, points, or seasons, all have some kind of deed or membership that is impossible to get out of without paying all past due bills. Plus a few I own are impossible to get out of even with me paying 1/2 of all the fees needed to close them.

Click here for the only 1 I know about that comes with a super-easy exit strategy.

If I don't like it after 3 years, I just let it drop.

If I do like it, I re-up for 3 more years.

While the lease is in force, however, the leaseholder is responsible for all fees, same as at all the other timeshares out there.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[dougp26364]

I am new this site and I need some advice. I have a timeshare in which i am about to sell, however, I have a lien against it for not paying MF's. What do I do? I can't afford to pay the fees.

Since this is your first post, there are a few things that would be important for TUGers to know about this timeshare.

1. Is the mortgage paid in full?
2. How much is the lien?
and most importantly
3. How much do you think your timeshare is worth?

Most people think their timeshare is worth much more than it is. I was recently talking with a co-worker who's fiance's mother has spent $8,000 with up-front fee companies and thinks her Branson timeshare is worth $22,000, which is more than she paid for it. When I should them that it's likely worth less than $1,000, I thought he was going to faint.

You will almost certainly have to pay off any liens on the timeshare before you can sell it. The liens must be paid before any buyer can take ownership and I don't know of a lot of people willing to give you money before the title is free and clear.

Have you called the homeowners association to see if they have any options they can offer you? It's a long shot but, the HOA would rather have someone paying the MF's rather than continue to have deliquent fee's.

 

[McFail]

I bought a TS from someone who has outstanding MF bills. We used a closing attorney affiliated with the resort. The seller ended up with the net difference. If you are upside down then that won't work unless you can come up with the difference.