Here are the threads @Passepartout
was referring to by @Grammarhero
. No need to contact @Grammarhero
because these should have all the latest info you need unless you have a specific question. He is a lawyer but is unable to provide legal advice. Think of this as being like a law review magazine vs. advice.
Some of you know I have been tracking this. Out of four (4) more TS defaults reported on TUG Facebook, one (1) got his credit affected. I have tabbed the following stats(updated 5/2022): TS defaults w credit drops: 47 out of 107 TS defaults w collections: 12 out of 107 TS defaults w...
@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...
In addition to MF, doesn't Diamond charge a $1000 (?) fee to take it back? That's almost $4000 to get rid of this. Ugh!
I imagine he is elderly, has been paying for years and now needs the money for healthcare and other living expenses...correct?
Is this a deeded timeshare? If so then it will depend on the state laws where the deed is located in the post above. Timeshare deeds in Florida, South Carolina, Calif, and a few other states are non-judicial, anti-deficiency protected. So you can walk if you don't object to the foreclosure (i.e. do not answer the phone, respond to letters, or have your Dad talk to the collectors or they will claim he is objecting) All they can do is take back the timeshare as the settlement. Not possible in NV or other states where they can garnish.
If it is trust points, it is untested and unknown because the land trust is in Florida. If you go this route, please report back to pay it forward to others in a similar situation. (This is why I will only buy deeded or RTU timeshares).