From the Press of Atlantic City:
When times get tough, the timeshare has got to go.
Owners of timeshare resorts in southern New Jersey apparently feel that way, as nearly 30 of them at the Fairway Villas at Seaview in Galloway Township have gone to sheriff’s sale in recent weeks. The condominium association was the plaintiff in some of the cases, and the banks that financed the purchase loans pursued other claims.
So far, there have been no takers.
“I have never seen one go to a third-party bidder,” in the few years she has worked with the sales, said Jillian Taylor, a clerk in the Atlantic County Sheriff’s Department.
Since Jan. 1, 27 timeshares at Fairway Villas have been put up for sheriff’s sale, said Deputy Sheriff Ted Kammer. Of those, 19 reverted to the condominium association or the lending bank and eight are pending.
Timeshares used to go up for sheriff’s sale every so often, but “all of a sudden, we’re seeing quite a few,” said Sheriff Frank Balles.
There are several timeshare resorts in Atlantic County, mostly in beach communities. Purchasers, often after listening to a high-pressure sales pitch, buy one week per year in a given unit. They are considered part-owners of a condominium, and pay annual maintenance fees to the resort’s homeowners association.
When owners default on those maintenance fees, the condominium association forecloses on the property — or in this case, the particular week at the unit — and it goes to sheriff’s sale, Balles said. If no one buys, the deed reverts to the association.