Posted on: 28th Jun, 2010 10:04 pm
What happens to my Timeshare if the Resort Company goes into Bankruptcy?.
If my Timeshare is all paid-off?.
[size=9:a406f9e306][color=Red:a406f9e306][Email address deleted as per forum rules. Thanks.][/color:a406f9e306][/size:a406f9e306]
If my Timeshare is all paid-off?.
[size=9:a406f9e306][color=Red:a406f9e306][Email address deleted as per forum rules. Thanks.][/color:a406f9e306][/size:a406f9e306]
Hi laraquatro,
I don't think the timeshare will be all paid off. As far as I can understand, the trustee will sell off the Resort Company to some other company. You may have to pay the dues to that new company. In case, if you've paid off the dues in full, then you'll own it free and clear.
Take care
I don't think the timeshare will be all paid off. As far as I can understand, the trustee will sell off the Resort Company to some other company. You may have to pay the dues to that new company. In case, if you've paid off the dues in full, then you'll own it free and clear.
Take care
do you mean exchange fees or what?
Hi laraquatro,
If the bankruptcy trustee sells off the timeshare to a new company, then that company will have the rights to collect the loan dues from you. You need to pay off the dues in full to that new company.
If your property is paid off fully, then you are the sole owner of the property and will own the property free and clear.
If the bankruptcy trustee sells off the timeshare to a new company, then that company will have the rights to collect the loan dues from you. You need to pay off the dues in full to that new company.
If your property is paid off fully, then you are the sole owner of the property and will own the property free and clear.
Laraquatro, you ought to be receiving documentation that spells out your rights and responsibilities with regard to the company's bankruptcy. You need to read that documentation, and take care to do what is required. If you don't quite get it, call the number that will be listed on the documentation and I'm sure you'll find some assistance to enhance your understanding.
