In our discussions about not paying maintenance fees, and deedbacks, and so forth, there is an assumption that if you don't pay your fees the association will foreclose on the week.
Is that really true?
If it is free and clear, no "mortgage" on the week, there can't be a foreclosure, can there?
So, would the legal recourse the association has be to sue for unpaid maintenance fees, and costs, get a judgment, and place a lien either on the week or on other property you own? (So that you still own the week and your default keeps increasing, so nothing was accomplished by "walking away".)
Just wondering.
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I might have found the answer here: http://www.nolo.com/legal-encycloped...sessments.html
that in the case of timeshares, once the association has obtained a lien on unpaid fees, they can foreclose on the lien.
I assume that by the time you tack on penalties and late fees and attorney fees and court costs, the lien will be much greater than the unpaid fee.
In any event, on a case by case basis, if a timeshare has no resale value and if the lien is placed on it, which is the only way it could foreclosed, wouldn't it be a lot less costly to the association just to accept a deedback, or a deedback and a reasonable fee?
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