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I don't know how these contracts work in the US, but in the UK if you buy a leasehold apartment where you own the individual unit without having ownership of th
by jon-wood 2y ago
I don't know how these contracts work in the US, but in the UK if you buy a leasehold apartment where you own the individual unit without having ownership of the building itself, there will be clause in the agreement that states if you fail to pay the maintenance fees or to keep the unit in good repair ownership can be reclaimed by the owner of the building.
There are no end of issues with leasehold properties, but there is at least a way out if you decide you can't deal with the maintenance fees attached. You'll probably end up with a terrible credit record for defaulting on your mortgage, but at least you can get out.
- mminer237 2y agoYeah, it's the same. The timeshare association can reclaim the timeshare, but again, if it's worth approximately -$2,000, why would the timeshare association reclaim that unless it absolutely has to?