How does the foreclosure process work for timeshares?

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How does the foreclosure process work for timeshares?

Asked on December 28, 2011 under Real Estate Law, Maryland

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

The foreclosure process for time shares typically works much like the process for residential and commercial properties. The person claiming a lien on the time share (most likely the owner of the building where the time share is located) will send a notice of default to the owner of the time share for moneys owes (maintenance fees and yearly dues).

If the owner of the time share fails to cure the default under the time share agreement, there will be a notice of the sale of the time share sent to the owner of the time share for a certain time, place, and date with the amount that is necessary to cure. The time share will then be auctioned off by the owner of the structure where the time share is located.


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