Non Judicial Foreclosure of Timeshare In Massachusetts

UPDATED April 12, 2013

In September and October of 2010, the Massachusetts legislature and Governor Patrick approved major changes to chapter 183B of the Massachusetts General Laws which substantially alter the methods of forfeiture of a timeshare interval for non-payment of a mortgage and for non-payment of association assessments and fees. This new law took effect on January 4, 2011.

Timeshare resorts in Massachusetts include Courtyard Resort, Cove at Yarmouth, Sandcastle Condominiums, Sea Mist Resort, Ocean Club on Smuggler’s Beach, Pier 7 Condominiums, Eastwood at Provincetown, Marriott’s Custom House, Ponds at Foxhollow, Cape Cod Holiday Estates, Mariner’s Point Beach Club and others.

The new law allows a timeshare resort to foreclose on your timeshare if you are behind on maintenance fee payments or loan payments. It allows you 90 days to catch up on your payments before the foreclosure process starts. Once the foreclosure starts it takes a minimum of 30 days before they sell off your timeshare in a public sale.

Here’s a link to the Massachusetts timeshare law page.

Stay in touch with your property owners or homeowners association if you think your timeshare ownership is in jeopardy. They may help you keep your timeshare by working out payment arrangements. But, don’t assume any grace periods from any timeshare resort associations. They want their fees paid and paid on time.

UPDATED April 12, 2013

 

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