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Thread: Foreclosure or Judgement and Lien????

  1. #11
    Please excuse me, I'm a Dick. Not a moron just a Dick
    Join Date
    Jul 2005
    Posts
    15,346
    Filing for bankruptcy is another thing that has been suggested as a way to get rid of an unwanted timeshare.

    Really?

    If it's paid for, there is no debt to be discharged. If there is an unpaid maintenance fee that is included in the bankruptcy, would you not still own the timeshare afterwards?

    You Might Be on the Hook for Postpetition Maintenance Fees

    If you own a home, condominium, or a share in a housing cooperative governed by an HOA, bankruptcy law states that you can’t discharge postpetition HOA fees (those that come due after you file your bankruptcy petition) as long as you still own the property (11 U.S.C. 523(a)(16)). This means that you remain on the hook for HOA fees that come due after filing your bankruptcy until the lender forecloses on your property or you otherwise transfer ownership to someone else.


    http://www.nolo.com/legal-encycloped...ankruptcy.html

    What Does it Mean to Surrender Secured Property?

    When you surrender property in Chapter 7 bankruptcy, you essentially give it back to the creditor. This is the simplest method of dealing with secured debt and property in Chapter 7. When you surrender the property, the creditor’s lien is removed. When you get the bankruptcy discharge, your personal liability for the secured loan is wiped out.


    http://www.nolo.com/legal-encycloped...ankruptcy.html
    Last edited by JLB; 06-01-2014 at 10:18 AM.
    RCI Member Since 24-Aug-1989/150-plus Exchanges***THE TIMESHARE GRIM REAPER~~~Exchanging/Searching/SW Florida/MO/AR/IA/Consumer Advocacy/Estate Planning/Sports/Boating/Fishing/Golf/Lake-living/Retirement****Sometimes ya just gotta be a dick

  2. #12
    On similar grounds of timeshare dilemmas, while not necessarily a foreclosure on a lien, but failure to maintain the maintenance fee's. What if any repercussions would spawn from including it as an asset (timeshare week) in a personnel chapter 7 bankruptcy?

    the census is timeshares will never recover any investment into their original purchase. So for example, a timeshare is paid in full, included in a ch.7 bankruptcy, and maintenance fee is due for the year. Is the deed back nullified by bankruptcy?

    I assume by the timeshare being involved in a bankruptcy, the trustee will have to decide if it has any value. Since the assumption is, they are not worth anything, then the possession returns back to the owner(s) and they are back in the meat grinder for default on the maintence fee again?
    I think the answer is yes, but can the HOA still file a lien or foreclosure after the outcome of a chapter 7 bankruptcy and start the legal hoops and hurdles all over again?

    For the record , this is my story

  3. #13
    checked the links out thanks

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