How Long Before Timeshare Goes Into Foreclosure?

[pissedoffguy]

Hi all.

My parents bought an HICV timeshare in the 1990s. They hired a sketchy lawyer a few years ago (since dropped him) and they haven't paid maintenance fees in 3 years. I'm surprised that they haven't gone into foreclosure yet. How long does this typically take?

On their last maintenance fee bill, they were sent a passive aggressive letter that said that they can't use the timeshare, not paying the maintenance fees hurts others, blah blah blah. But that's really about it.

 

[Bmatrose]

Do they only owe maintenance fees? If so they may wait until the amount hits a threshold.

 

[TUGBrian]

depends on the system and state the ownership is recorded in. usually measured in years yes.

and in many cases it wont ever get to actual foreclosure, vs the resort reaching out to work out a surrender with the owner to avoid the expense of judicial foreclosure.

 

[pissedoffguy]

Do they only owe maintenance fees? If so they may wait until the amount hits a threshold.

Yeah, it's just the maintenance fees.

Thanks for the response.

 

[pissedoffguy]

depends on the system and state the ownership is recorded in. usually measured in years yes.

and in many cases it wont ever get to actual foreclosure, vs the resort reaching out to work out a surrender with the owner to avoid the expense of judicial foreclosure.

Thanks for the response!

My parents reached out to the about a month ago when they realized the lawyer was a scammer. They said they would look over their case and get back to them in a month. They haven't gotten back to them.

When my parents offered to pay them the outstanding maintenance fees and the deedback fee as long as they could provide something in writing stating that they're off the hook for it, they said that "we don't do that".

What are your thoughts on that?

 

[TUGBrian]

im not sure there would be a whole lot of risk there TBH...especially if you are paying all past due fees and 2024 fees and the surrender fee.

id think HICV would be overjoyed with that outcome and youd be able to just give the current ownership back without much fuss.

that said, 3 years of maint fee PLUS the deedback program is a hefty sum of money for something you dont want, has no resale value, and you havent paid for in years apparently with no ill consequence.

 

[pissedoffguy]

im not sure there would be a whole lot of risk there TBH...especially if you are paying all past due fees and 2024 fees and the surrender fee.

id think HICV would be overjoyed with that outcome and youd be able to just give the current ownership back without much fuss.

that said, 3 years of maint fee PLUS the deedback program is a hefty sum of money for something you dont want, has no resale value, and you havent paid for in years apparently with no ill consequence.

Hi Brian.

Sorry for the delayed response. I got busy with some other things and haven't been back on the forum.

They never called my parents back and just started charging them even more maintenance and past due fees. They are not working with them at all. So we just decided to not pay. You would think that this would be a great deal for them, but I guess they don't care. We don't really have any choice at this point other than just waiting things out and seeing what happens.

Thanks again for your help!