As Long As We're On Timeshare . . .

[Adverse]

Let's say someone purchased a timeshare in Orlando 13 years ago. They agreed to pay a portion on a mortgage, however, before that got set up, the owner of the resort stepped back in and kicked the marketing company out. The buyer never was billed for the remaining balance.

The resort owner has remained as the managment company ever since and has allowed the timeshare buyer/owner to continue using the week, paying annual fees, even though they are aware that no Satisfaction of Mortgage has ever been recorded. The timeshare owner has a deed.

Where does the timeshare owner stand now if they want to sell their week?

TIA

 

[Michael Wechsler]

Good question. I'm not sure you could say that they "waived" the payments. Look at your agreement. It is likely that you could have it all paid up, without interest, and obtain a satisfaction for your time share. I'm just guessing... but look at it as a free loan, which isn't that bad!

 

[Adverse]

Hey, I said "someone" and now you are saying "me". This "someone" has the original papers showing part of the purchase was financed, but the paperwork on that "fell through cracks" 13 years ago. "Someone" would have a cow if a payment book suddenly showed up!

 

[Michael Wechsler]

LOL. I catch you. These things usually get caught up upon when accounts are looked at to be settled. Look at it this way... it was good while it lasted but now if you want to sell the property you may need to deal with the consequences of someone taking a good look at what they've got! Best of luck...