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Condos For Sale In Gainesville Fl - Timeshare Foreclosures - Why You Should Avoid Timeshare Foreclosure
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Do you know about - Timeshare Foreclosures - Why You Should Avoid Timeshare Foreclosure
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One of the common questions that comes up about timeshares is "What will happen if I stop paying my maintenance fee?" This question is usually asked by timeshare owners who are having difficulty keeping up with their annual maintenance fees, due to increases or a change in personal financial circumstances. Or sometimes a special assessment for maintenance becomes too burdensome.
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Many of these folks are under the mistaken impression that there would be no consequences to allowing the payments to lapse. But that could not be further from the truth. Timeshare companies will foreclose on your timeshare if you fail to pay your bill and this will wind up on your credit report, just like if you decided to stop paying your mortgage or a credit card bill. You may also wind up being pursued by a collections company for back payments and could possibly face additional penalties and fees as a consequence of non-payment.
Some owners actually think that just because they've lost interest in their timeshare and don't intend to use it anymore, that the timeshare company will just take it back if the maintenance fee doesn't get paid. But this isn't how it works. If that were the case you'd find some properties with an abundance of vacant properties on their hands during the least desirable vacation times. So for the most part, no timeshare company is going to let you out of your contract. The maintenance fee continues to be an obligation even if you have no intention of ever using your timeshare again.
So the best bet if you need to stop paying is to find a way to sell your timeshare. Sometimes it even makes sense to simply give it away. Unfortunately, for some sellers, you might be holding onto a timeshare that isn't particularly popular, or maybe your week isn't in high demand. In this situation, it might even make sense for you to offer a financial enticement. For example, you might offer to pay this year's maintenance fees, but allow the new owner to use the week.
Conducting your sale in this way wouldn't save you this year's expenses, but it would ultimately allow you to relinquish the responsibility to someone else. This is far preferable to having your timeshare foreclosed upon.
Just be cautious that when you sell your timeshare you are not being ripped off. You should not pay a salesperson an upfront fee to sell your timeshare for you. A professional real estate person collects commission only after the sale is finalized, not before.
Timeshare Foreclosures - Why You Should Avoid Timeshare Foreclosure (with Health & Product)
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Condos For Sale In Gainesville Fl - What a Canadian Should Know Before Buying U.S. Real Estate
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Many Canadians are dreaming of heading south for the winter, but not just to beat the cold. They have real estate investing on their minds. Our strong dollar combined with a collapsing housing market in the U.S. spells opportunity for many. But Canada and the U.S.A are not the same country, and as much as we have in common we have differences. Any Canadian investor considering putting money in the U.S. should have a basic understanding of some key differences between buying real estate in Canada versus buying real estate in the U.S. So, before you start putting your loonies in Florida or Texas, read on.
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Tax Systems:
Talk to an accountant that is experienced with American real estate investment as the countries differ considerably in terms of taxation of investment properties.
In the U.S.
1031 Exchanges allow the capital gains from the sale of an investment property to be deferred and rolled into a purchase of a similar type of property if it's bought within 180 days. This can be done many times allowing capital gains to be deferred until the end asset is finally disposed of and not replaced;
If capital gains are realized (property is sold and cash is received), the seller is taxed at 15% of the total net gain (as long as the property was owned for more than 1 year, if less than, the rate is much higher);
Property taxes tend to be similar to those in Canada, however, if you are a Canadian and own a property in a Southern state like Florida or California, you may have much higher "non-resident" property taxes than either the locals or if you invest in other U.S. States;
Similar to Canadian tax laws, you will not be taxed on your primary residence, however, in the U.S., you can write-off the interest charged on your home.
Compare this to Canada
Sell your investment property in Canada and you'll pay capital gains tax on 50% of the net gain. Canada does not yet have the option of deferring the gain through an exchange. The "gain" or "loss" gets added to your income and your are taxed at the applicable rate (which could be much higher than the standard 15% rate in the U.S.);
Similar to in the U.S., expenses associated with holding an investment property can be written off against your taxable income. See two previous articles for tax time tips: Part 1 and Part 2.
Before you send your loonie south this winter:
Determine if there are "non-resident" property taxes applicable in the city/state you are considering;
If you already own in the States and sell the property (and don't buy another there to use the 1031 Exchange strategy) you'll be required to pay U.S. taxes on the sale. You pay the U.S. first, but still have to file the tax return in Canada (showing the taxes paid in the States). Thus, you'll only pay once (you get a tax credit applied to your Canada taxes), but you have to file 2 returns (February/March 2008 Money Sense has a great article on this issue);
Rental income requires two filings for taxes as well. You must claim the income (and expenses) in both countries, pay the applicable taxes, and get a credit for your Canadian taxes.
Lending differences between Canada and the U.S.:
The "credit crunch" or "subprime market meltdown" has had a dramatic impact on the U.S. lending environment, and has trickled over the border to Canada. Because of the economic crisis, lender guidelines and policies have changed dramatically in both countries. In the U.S., there were many mortgages given to just about any candidate. The phrase "ninja" loan was coined in the U.S. The acronym standing for "no income, no job, no assets". Many individuals were given mortgages beyond their means. When the first large phase of ARM (adjustable rate mortgages) began to raise their rates, foreclosures began popping up all across the nation. Canadians need not fear the same crash here thanks to very different lending environments.
In the U.S.
Hundreds of banks across the country with hundreds of differences in lending policies and guidelines;
Licensing varies across each state for who can be a mortgage broker. In some states no testing or licensing is required at all!
Bank regulation is controlled at the state and federal level, again possibly leading to less strict lending criteria from one bank or lender to another.
And in Canada
One federally-regulated Bank Act that controls what banks can and cannot do across Canada;
Only 5 major banks in Canada that control a large majority of all banking divisions;
All of the Big 5 Banks in Canada are able to lend funds for mortgages, but they have also acquired (and oversee) many of the licensed trust and brokerage companies (which lend money as well);
Mortgage brokers are provincially regulated in Canada, but the majority of provinces require extensive training, and the successful completion of a licensing test.
Economic Conditions in Canada and the U.S.:
The Canadian economy continues to enjoy good economic times with historically low unemployment rates, increased wages, and housing appreciation. At the same time, a recession has been lurking in the U.S. Many areas of the U.S. are experiencing depreciating houses, high unemployment rates, and deteriorating consumer confidence.
There could be some real bargains to be found in the U.S. as foreclosures pile up, property/houses depreciate (well into double digits in some States - Florida, Michigan, California), and our Canadian dollar continues to sit around par with the greenback. But before you take the plunge, do your research. Most economists still believe we are in the midst of the subprime fiasco. They forecast continued depreciation across the nation (obviously much worse in some areas than others) for the better part of two years. So, unless you really know an area is going to get better soon, I personally, would wait and see what the summer and early 2009 has to bring. The election, the war, federal policies to "bail-out" millions of credit-burdened borrowers, and the worst part of the subprime scenario which is predicted to hit in the fall of 2008, are all factors that will impact investment in the coming year, and it's a gamble to buy without knowing what will happen. But, with the strong dollar, it's a good time to head south and start looking for that dream home in Florida, isn't it?
Some final thoughts (in this article anyways) on investing in the U.S. real estate market. If you are intent on purchasing in the U.S. and are a Canadian citizen residing in Canada, the following three ways may help you obtain financing:
Take out a mortgage in the U.S. through a U.S. based bank owned by a Canadian one such as RBC Centura or Bank of Montreal's Harris Bank;
Purchase using all cash so you don't have to deal with cross border financing issues (e.g., pull equity out of your home or other Canadian properties or ask your rich aunt for money!) to buy down south; and
Create a corporation in the U.S. with assets (a holding company will not work as it needs to have equity or be generating revenue) which can obtain the mortgage from a U.S. lender.
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