Posted: Wed Oct 01, 2008 3:32 pm Post subject: South Carolina Timeshare Non-Judicial Foreclosure
Hi, I am a bi-annual timeshare owner and I just received a non-judicial foreclosure proceedings have been commenced on my property - apparently due to an outstanding maintenance fee invoice. The problem I have with this is I haven't even received a bill!! This is the first I have heard of an outstanding bill and it is from a lawyer for potential disclosure!!! I did move last year so I can see how the bill may have gotten lost in transfer, but they have had my phone number the home time that they call all the time for promotion purposes - why not call me regarding an outstanding bill??
Now they want me to pay the original payment, late fee, penalty, & lawyers fee, return the property, or foreclosure. I have a few questions: 1) can they foreclose on a property that has been paid in full - other than this new bill, but not mortgage or any sort? 2) if they do foreclose non-judicially, does it affect my credit? 3) if i return the property as the option, does it affect my credit? 4) what other options do I have? This seems really unfair. I tried to call the timeshare management and discuss waiving all these extra fees they added on top of a bill I never got, and they wouldn't even talk to me but wanted me to call the lawyer who said no phone calls! Any help would be appreciated.
May be they had sent you reminders in your old address which you haven't received for some reason. Yes, when they had your number they should have called you.
I do not think, they will foreclose any other property except the one you owe mortgage on. Yes a non-judicial foreclosure will affect your credit in the same way as a normal foreclosure. Yes, if you return the property still it will affect your credit as you will have to go for a deed-in-lieu foreclosure.
You can pay the dues to the bank and clear off the debts. Other than this, you can either go for a deed-in-lieu foreclosure or short sale which are considered to be better options than a foreclosure. You can even take legal help and ask the bank through your lawyer as to why they have not called you regarding your dues or why they are not speaking to you.
If you owe money to the lender, then you will have to pay it come what may. They have all the right to foreclose the property for which you have taken the mortgage. However, if they cannot recover the whole amount of debt from you, then there is a chance that they can place liens on other properties that you own. However, this may differ from one lender to another.
It is better if you could clear off all the debts. If you are unable to pay all the debts right now, you can go for a loan modification. If this does not suit you, then it will be better if you go for a short sale or deed-in-lieu. This will be better than a foreclosure.
Posted: Thu Oct 02, 2008 3:11 pm Post subject: Follow-Up
Thanks so much for responding you guys! Just to clarify, is it considered "mortgage" if all I am owing is the maintenance fee for this year? The property was paid in full when it was purchased. Thanks!
The mortgage payments for every month include the maintenance fees and insurance. You will have to pay the maintenance charges if there is no mortgage on the house. Though the property was paid in full, you should definitely check with the authorities dealing with maintenance fees.
Sussane
Ginny Guest
Posted: Wed Oct 15, 2008 7:33 pm Post subject: Credit
If they say they do not report to the credit bureaus, that means then it will not affect my credit, correct?
If you have taken a loan and paying your dues properly, then it should be reported to the credit bureaus as it will shown as a positive thing in your credit report. If you are on default and lender says he won't disclose it to the credit bureaus, then it is good for you as it will not be shown in the credit report.
Thanks. _________________ Good is the Enemy of Great.
uaariel
