What will happen regarding a timeshare delinquency notice?
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What will happen regarding a timeshare delinquency notice?
I received a letter form a time share HOA saying that my account will be turned over to a colection agency for being 3 years behind in paying maintenance fees. It this happens can the collection agency attach or put a lien on anything other than the time share since it is real property? Would the debt be considered paid in full if they reposses the time share if that is an option? If it is turned over to collection, will future maintenance fees keep accruing in the future?
Asked on August 30, 2012 under Real Estate Law, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
So long as no law suit is filed with respect to the time share delinquency fee you have really nothing to worry about other then the possibility of a "credit ding" as to such on your credit report. If a lawsuit is filed then most likely you could be subject to a judgment for the amount owed where the time share could be levied upon or your own personal bank accounts.
Future maintenance fees will continue to accrue so long as they remain unpaid. If the timeshare is levied upon and sold at auction the amount of its sale price determines if the judgment is deemed paid in full or not.
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