Hundreds of Timeshare Owners at Louisa Resort Given Notice of Foreclosure
Richmond partner John McPhaul was quoted extensively in a March 27 Richmond Times-Dispatch article about hundreds of timeshare owners – many in the Richmond area – facing foreclosures related to tenant-in-common ownership stakes in properties recorded in Louisa County. According to a trustee’s sales notice posted last week in the Richmond Times-Dispatch, a foreclosure auction was scheduled for March 30 outside the county courthouse at 100 W. Main St. in Louisa. “There are clearly a lot of people who have not paid their timeshare assessments and probably an owners’ association that would like to resell the timeshares to new owners that will pay future assessments,” John said. “Legal advertising for the sale of timeshares tends to be done in bulk because it is more cost-efficient, as the sale of individual timeshares does not typically generate the same amount of proceeds that the sale of a single-family home or condominium unit would.”
John’s quote was reused in a March 30 Richmond Times-Dispatch article about how the above auction failed to produce a single sale on the Louisa County courthouse steps.