0
We own deeded timeshare property in Florida and South Carolina with Wyndham. We can no longer afford to pay the monthly payments. What options do we have so we do not lose any more of the money already invested into the property?
Wiki User
∙ 14y ago
you might want to sell it as fast as possible
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
How can a Delinquent timeshare be reported as a foreclosure?
A timeshare is a similar contract to a house and requires regular payments. This can be reported as a foreclosure if you have abandoned payments and the company is taking back their property.
What will happen if you stop paying on a timeshare that has a mortgage?
Failure to pay the mortgage on a time share property will result in the lending institution seeking a foreclosure on the timeshare; the lender will then own the timeshare and be able to sell it on to someone else.
Is a timeshare a mortgage debt or a consumer debt?
A timeshare is a consumer debt. A mortgage is a document that pledges a piece of real estate to the bank in the event the loan is not repaid. When you buy a timeshare, you do not actually have any rights to the physical property, even after you've paid your loan and all associated fees. You have simply prepaid a property owner for the use of the property for a certain length of time. Another way to think of a timeshare is as a prepaid rental that can frequently be exchanged to time in another location, or another time of year.
DO you get your payments back on a land contract?
No, you will not get your payments back. If you do not complete the purchase, you have essentially been renting the property.
If loan is not reaffirmed on a mortgage is the property still mine payments are made on time?
as long as you keep making payments the lender will probably not repossess the property. however, if you miss one payment the lender can repossess the property at any time.
How can a Delinquent timeshare be reported as a foreclosure?
A timeshare is a similar contract to a house and requires regular payments. This can be reported as a foreclosure if you have abandoned payments and the company is taking back their property.
Where would sell a timeshare property?
A timeshare property can be traded at the website buyatimeshare dot com. The site allows people to sell or rent their timeshare at the Marriott Aruba Surf Club, Occidental Grand Aruba, etc.
What is jointly owned holiday property called?
timeshare
What will happen if you do not pay your timeshare payment?
You will lose your right to use the timeshare property. Also, depending on applicable laws, the timeshare may be sold and/or you may be sued for the unpaid payments. It is also possible that the timeshare developer will impose interests rates on your next bill. Owning a timeshare is considered a lifetime liability. Not paying your timeshare will not usually result in losing your ownership of it. You still have that liability. Usually, interest rates will be imposed on your next bill. But depending on its underlying legal agreements, you can get sued for not paying your timeshare fees. You can get sued for it and it will reflect on credit history making it harder for you to make loans in the future.
Where can I find information on buying a vacation home as a timeshare property?
There are many different websites that provide information on purchasing a timeshare property for a vacation home. The Red Week website has many helpful articles for those contemplating the purchase of a timeshare.
What is the brief explanation of the concept Timeshare Selling?
A Timeshare is a property form of ownership or use rights. These property are typically resort condominium units, in which multiply parties hold rights to use property, and each sharer is allotted a period of time.
What will happen if you stop paying on a timeshare that has a mortgage?
Failure to pay the mortgage on a time share property will result in the lending institution seeking a foreclosure on the timeshare; the lender will then own the timeshare and be able to sell it on to someone else.
How are timeshare resales resold?
It all depends on the location, size of the property,the time of year and also the the demand can influence the the price of the timeshare.That is how timeshare resales resold.
How do you delete a name from a timeshare property due to divorce?
It can depend entirely on how (in what legal form) the property is owned. Contact and ask your timeshare company, they are experienced at answering questions of this type. If the timeshare is owned conjugally by both parties, it can be a problem who should remain as an owner for that unit. To clear things out, you should hire a lawyer to do the arrangement.
Is a timeshare a mortgage debt or a consumer debt?
A timeshare is a consumer debt. A mortgage is a document that pledges a piece of real estate to the bank in the event the loan is not repaid. When you buy a timeshare, you do not actually have any rights to the physical property, even after you've paid your loan and all associated fees. You have simply prepaid a property owner for the use of the property for a certain length of time. Another way to think of a timeshare is as a prepaid rental that can frequently be exchanged to time in another location, or another time of year.
How can I best sell my timeshare?
There are various ways to sell a timeshare such as contracting the services of a local realtor, publishing a sale ad in the newspaper or even listing your timeshare for sale on ebay! Either way the more you advertise the sale of your property the more likely it is to sell!
Where can one purchase a Florida timeshare?
A timeshare is a piece of property owned by many owners who follow a schedule as to when they can use it. One can purchase a Florida timeshare by visiting or calling a local Florida real estate agent but also at websites such as; Buy a Time Share, and Tug2.
