Sell or not pay

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Original Message:

Re: Sell or not pay (by Carvan A.):

Jayjay,

As usual you state the obvious with a large mixture of error. The obvious is that a timeshare is an interest in real estate and a default on the purchase money mortgage on either will result in a foreclosure of the purchase money lien. That lien arises at the date of the financed purchase of a timeshare or home. It is extinquished and released when you pay your last mortgage payment whether on your home or your timeshare.

Your mixture of error and it is major is your statement that the timeshare can foreclose when you fail to pay your maintenance fees in the same way as they would if you failed to pay your home mortgage payments. You are totally wrong and it is amazing that you continually post this type of nonsense. A purchase money lien arises on your home when you buy the home on credit whereas there is no initial lien on your timeshare for the maintenance fees and it does not arise until the resort reduces the delinquent maintenance fees to a lien via court proceedings followed by a foreclosure. You can verify this statement by simply checking the lien records in the counties where you purchased timeshares as well as the county where you purchased your home. My guess is that you always paid your maintenance fees and if so there was never a lien recorded unlike your home where there was a lien recorded upon your purchase.

A foreclosure whether on your home or your timeshare is a ding on your credit record whereas a deed in lieu of a foreclosure protects your credit by preventing a foreclosure.

The maintenance fees are like the home owners fees in your neighborhood. There is no lien until there is judicial action. You are mixing apples (purchase money mortgage) with oranges (maintenance fees) and this leads you to a faulty conclusion.

James avoided any adverse impact upon his credit record by giving a deed in lieu of a foreclosure. He is to be commended for doing that.

You provide a valuable service when your repeatedly warn timeshare owners to not pay an upfront fee for the sale of their timeshare but you sure muddy the water when you get into an area where you obviously have limited knowledge.