Please help me get out!

[e.bram]

If the contract is itself is UNCONSCIONABLE(sale by a professional RE agent for a substantial amount which can be had for a dollar) the the whole contract would be void including any clauses.

 

[geist1223]

Time to lock up this thread.

 

[Regretful_Owner]

TS owners with foreclosed mortgages deeded in FL, but who do not object to the trustee foreclosure, will not be sued for TS mortgage balance or the "deficient" balance. That is why exit companies advise you to default - to create leverage.

* Legal Disclaimer: These paraphrases of timeshare MF or mortgage (mort.) foreclosure (FC), deficiency/ anti-deficiency/ permissive anti-deficiency (D/AD/PAD), judicial/ nonjudicial (J/ NJ), and statutes of limitation (SOL) laws are to provide basic information. These paraphrases assist those doing their own legal research and make their own decisions on timeshare-related actions or inactions. These paraphrases are NOT intended to render legal advice, establish an attorney-client relationship, or be an alternative for appropriate legal research. The referenced information constantly changes and evolves. Please consult appropriate legal counsel prior to any timeshare-related activities or signing any timeshare documents. Every situation is different, and please consult a legal counsel on your particular situation.

http://www.leg.state.fl.us/Statutes...ute&URL=0700-0799/0721/Sections/0721.855.html

http://www.leg.state.fl.us/Statutes...ng=&URL=0700-0799/0721/Sections/0721.856.html

http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0095/0095.html

Operative Language: “If you do not object to the use of the trustee foreclosure procedure, you will not be subject to a deficiency judgment even if the proceeds from the sale of your timeshare interest are insufficient to offset the amounts secured by the lien.”

Operative Language: “WITHIN FIVE YEARS.— (b) A legal or equitable action on a contract, obligation, or liability founded on a written instrument . . . (c) An action to foreclose a mortgage.” Sec. 95-11.

Note: non-objection or inaction likely leads to non-judicial, anti-deficiency treatment; objection may waive non-judicial, anti-deficiency treatment. TS defaults have SOL of five years.

But nothing here presents them from ruining your credit, correct? They just can’t sue you personally for the deficiency, which they would be unlikely to do regardless.

 

[tschwa2]

But nothing here presents them from ruining your credit, correct? They just can’t sue you personally for the deficiency, which they would be unlikely to do regardless.

I don't know that it would ruin your credit but it certainly could affect and lower your credit score. That is the leverage they have on you to make you continue to pay if you can and if you value your credit score.

 

[Grammarhero]

Time to lock up this thread.

Agreed, and I’m often the most patient TUGGER with TS mortgage owners.

 

[Regretful_Owner]

Time to lock up this thread.

+1

 

[CPNY]

+1

Best of luck, I think you have received enough perspective on the topic. If you end up paying off your mortgage, congrats and welcome to the club lol.