Posted on: 25th Feb, 2011 04:44 pm
We own a deeded TS in Orlando. The fees went up from 800$ to 1200$ this yr. We have excelent credit. We are not going to pay next yrs. fees. I have tried selling, donating, and renting it, noone wants it. We even got scamed 450$ by a company that guaranteed that it would sell. I lost my job and my hubby is working 6 days a week so we can survive. My question is the annual fees include mantinence and taxes. Will they turn us into the IRS? Will we lose our Home? Will we have to file for bankruptcy? I have been so worried I can't sleep at night. Wish we never went to FL for our Honeymoon :cry: The Mortgage is paid off but these fees are killing us.
If you do not pay off the maintenance fees or other charges, the timeshare authority will be able to place a lien on your property. He may even foreclose the property. After the foreclosure, you'll be liable for paying off the deficient balance resulting from the property sale. If you don't do so and if the lender forgives the deficient balance, then you'll be liable for paying taxes to the IRS.
Thank you for the reply.
You're most welcome, Pesa :-)