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Timeshare Foreclosure Defense
Timeshare Attorney can work to protect your rights as a timeshare owner, and that includes timeshare foreclosure defense. Timeshare foreclosure law is typically sanctioned by the state in which the timeshare exists or was sold. In most states, the developer or lender has the right to foreclose upon any mortgage that is delinquent in its payments. In some cases, the timeshare association or resort reserve the right to foreclose upon any delinquent fees. This right varies by state. You may be given a foreclosure notice for past due mortgage payments, special assessments, and fees.
If you are behind in any of your timeshare payments, consulting a timeshare attorney is the first step to determine the best course of action. If the resort wishes to foreclose upon your ownership, they first need to notify you in writing. This legal document will typically describe why they are proceeding with a foreclosure and what options you have moving forward. Usually after this document is received, the purchaser or owner has a limited time period to answer the foreclosure complaint. They can either pay the debt or dispute the foreclosure.
Non-Judicial Timeshare Foreclosure
A non-judicial timeshare foreclosure does not require the assistance of the courts system. Typically the right to non-judicial foreclosure is dependent upon state legislation. If the state allows this type of foreclosure, a resort may either outline this fact in the contract or notify you that they are exercising this right as provided by the state laws. A non-judicial foreclosure usually includes a “power of sale” clause, which is different from a traditional mortgage foreclosure sanction. In this event, if the owner does not respond to the foreclosure notification by a certain date, the resort will advertise the timeshare for public auction. In many states, the resort must notify the owner if they wish to advertise the timeshare before they can proceed with this next step but there is a limited window to respond. Timeshare owners should contact a timeshare lawyer to help them determine the best course of action when notified of a non-judicial foreclosure.
Judicial Timeshare Foreclosure
A judicial timeshare foreclosure is a process in which the managing entity files a judicial action seeking a court ruling that the timeshare can be resold through a public sale. This lawsuit must be filed within the county that the timeshare is located. Generally, this is used by the resort to gain control over the timeshare even though it can take a long time to process. In a judicial foreclosure you should have timeshare attorney represent you.
If you are in danger of foreclosure due to a delinquent lien you only have a limited amount of time in which to answer and defend the timeshare foreclosure. At a certain date your rights may expire and you will forfeit your rights as a timeshare owner. If you do not respond, the resort may be able to file a judgment against you for the costs and attorney fees in addition to the debt owed.
** If you are behind in maintenance fees or owe a special assessment, it is suggested that you contact a timeshare attorney immediately to prevent the trustee’s sale of your timeshare. **
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