"Glenn Ashmore" wrote in
news:sfffe.2668$sy6.1304@lakeread04:

Actually that is becoming quite a problem lately in the time share
business and to some degree in the condo-marina business. If you
don't have clear title to some interest in real property the deal is
worth only the assets of the company that sold it to you which is
usually zero.



The "company" is retaining all title to the real property, the marina
building, land, parking lot that can only park 20% of the boaters' cars.
Oh, no, you get nothing of real value for $120K, just a locker and a
promise.

What I find incredible is that people-of-money actually buy into this
scheme that could simply vanish overnight. I always pictured the rich as
much smarter and more money savvy than this. It must not be true.

Notice that the "company" is a South Carolina LLC...limited liability...
After the money runs out from the initial loans, and the bank repos the
real property used as collateral, how are the locker owners going to get to
the dock through the bank's new waterfront condo property?