My question involves real estate located in the State of: Tennessee & Virginia
I live in Indiana. We are the owners of 2 pieces of timeshare property. One in Tennessee and one in Virginia. We have had these about 3 years. In the meantime since we purchased these, my husband retired (he is 70) and I lost my job last year (I am 62). I am not having any luck in finding a new position due to the limitations with my health and working conditions. I am trying to get disability and am currently in the appeal process but have been told it make take up to 2 years to get a hearing before a Judge.
Meanwhile, we are struggling to pay bills, utilities, mortgage on prime residence and living on my husband's social security income. We are 3 months behind on each of the timeshare payments and have not paid the maintenance fees for last year or won't be able to pay this years'. We have no money any more in any of our savings or retirement accounts. And because we took these for the last 2 years to pay off loans and bills, we owe the IRS over $10,000. We are paying payments on this. We have a second mortgage on the prime residence. We have a second home that was mine that we rent out but the rent barely covers the insurance and taxes.
We can't try to sell the timeshares until we are up-to-date on payments and maintenance fees. We would just like to give them up and let them go into foreclosure but don't understand how foreclosure works in the State of Indiana with out-of-state property. I am afraid that we would end up having to pay them off even in foreclosure.
My husband will not file bankruptcy and can not file bankruptcy because he owns 1/3 of his parents' home with his siblings and one sibling is living there.
How would this foreclosure on the timeshares work or are there any other options? How can we get out of these timeshares?
Thanks.
I live in Indiana. We are the owners of 2 pieces of timeshare property. One in Tennessee and one in Virginia. We have had these about 3 years. In the meantime since we purchased these, my husband retired (he is 70) and I lost my job last year (I am 62). I am not having any luck in finding a new position due to the limitations with my health and working conditions. I am trying to get disability and am currently in the appeal process but have been told it make take up to 2 years to get a hearing before a Judge.
Meanwhile, we are struggling to pay bills, utilities, mortgage on prime residence and living on my husband's social security income. We are 3 months behind on each of the timeshare payments and have not paid the maintenance fees for last year or won't be able to pay this years'. We have no money any more in any of our savings or retirement accounts. And because we took these for the last 2 years to pay off loans and bills, we owe the IRS over $10,000. We are paying payments on this. We have a second mortgage on the prime residence. We have a second home that was mine that we rent out but the rent barely covers the insurance and taxes.
We can't try to sell the timeshares until we are up-to-date on payments and maintenance fees. We would just like to give them up and let them go into foreclosure but don't understand how foreclosure works in the State of Indiana with out-of-state property. I am afraid that we would end up having to pay them off even in foreclosure.
My husband will not file bankruptcy and can not file bankruptcy because he owns 1/3 of his parents' home with his siblings and one sibling is living there.
How would this foreclosure on the timeshares work or are there any other options? How can we get out of these timeshares?
Thanks.
Foreclosure: How to Avoid a Timeshare Foreclosure
Aucun commentaire:
Enregistrer un commentaire