Park Regency aims to clear titles
The Park Regency Timeshare Association filed a lawsuit in state court on July 3 seeking to clear the titles of approximately 175 timeshare owners that are delinquent in assessment payments, and whom the timeshare association has been unable to contact.
Some of the delinquencies go back 20, even 30 years, according to the association’s attorney, Kenneth Bitner of Salt Lake City firm Terry Jessop & Bitner.
"In my experience, when the economy took a downturn, a lot of timeshare owners went into default because they just didn’t see a value there," Bitner said. "And when that happens, they do one of two things: they don’t do anything about it, in which case the assessments rack up, there’s an automatic lien on the timeshare, and then it’s up to the association to actually foreclose on that lien. And usually, it’s relatively painless, in that the association can actually do that without having to go to court."
The other alternative, when the association can’t contact the delinquent owners, is to go through the court to foreclose on the liens. "We go to court at that point so that we can give essentially a public notice as opposed to a specific notice," Bitner said.
As lawsuits can be costly to the association, "when you’re talking about one or two [delinquencies], it’s just not worth it," he said. There were enough built up at this point, however, that the association felt it was worth initiating a legal action.
"Some of these delinquencies go way back, and that lets you know that the association basically just kind of held these because they didn’t know what to do with them," Bitner said.
"If anybody sees their name on these things and contacts us, I can tell you the association is more than happy to work something out. This is kind of the last-ditch-effort approach," he said. "At this point they’re not really seeking to go after the individuals for the assessments — they want clear title."
Nearly a dozen Park City and Summit County officials sat on a public panel Wednesday to outline the way forward on wildfire management and to answer questions from residents.