Time-Shares/Hollywood Beach Tower
I'm an owner at HBT. I have a deeded timeshare and have religiously paid the maintenance fees since 2002. I bought this on a whim as it was a foreclosure and it has been paid off for years. Recently HBT did some renovations and socked it to the owners with a special assessment fee of 1700+ spread out over 3 years. When I called to discuss the increase the clerk made reference that much of the money will go towards paying for other owners who have jumped ship. Realizing that this was a sinking ship, as many other delinquent owners are currently in the same boat I'm in, we have decided to forgo paying anything else. My question to you is how do I get out of this nightmare. They currently have a collection agency coming after me and the fee has jumped to $2600. I don't have this as I'm an unemployed teacher with my wife still working but when it comes to push or shove we choose to eat rather than deal with the outstanding balance. They won't take the week back and I was wondering what recourse there is. I know our credit score will take a hit, but I don't want this blasted thing. How far will these people go and will they be able to garnish wages for maintenance fee? There are currently 1600+ owners who are taking this same position. Help!!
they will continue collections and at some point, they will foreclose the unit once that happens, the unit will go back to the resort. depending on the foreclosure they do, that is usually it, but they may depending on the type of foreclosure, may still retain a judgement for the fees (not common)