- Jul 15, 2018
- Reaction score
- Resorts Owned
- Rent only
From what I have read, some timeshares, especially legacy ones, are very slow to foreclose. It’s because they hope and pray you resume payments, the return rates are either low (like a buck) and they are impossible to resell.As an aside. During my two years of tribulations and stiffing Wastegate, they did not foreclose. I did not call them. They charged me a delinquency fee for each year, but they did not foreclose. I wonder how long it would have taken before they would have taken action. They won on their bet as I brought it up to date over the course of a year when I got a job.
I think too they assess whether they can collect. If you are out of country or clearly broke, the odds of you coming on stream is low...thus foreclose.
State laws also play a role. If, let’s say, the timeshare is in California where non judicial, anti deficiency laws are in place, there is no point waiting and hoping. However, if the timeshare is in a judicial, deficiency state, costs to foreclosure are higher and time consuming, plus judgement placements are more assured.
Maybe I can con errr...ask @Grammarhero to see if there is a way to see if what I have read is true or not. I’m not sure whether it is possible though as many defaulted owners may not even know if the timeshare foreclosed or not.
What I do find interesting is I read an article where RCI attempts to gather information on the defaulted owner to garner new contact details. I am not sure if that is true or not though.
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