What happens when my timeshare I still owe on gets foreclosed?

Question by Ruth H: What happens when my timeshare I still owe on gets foreclosed?
I know it will badley affect my credit, but can they sue me for the difference between what I owe and what they can sell it for? Do timeshares get auction off? Can they garnish my wages, will I be able to keep my condo? What happens if I never pay the difference owed? I’ve read alot on the internet but haven’t seen anything from someone who actually went through with the foreclosure. BTW I own a points system, Lawrance Welk in San Diego.

Best answer:

Answer by Dash
Yes since you took a mortgage to buy that timeshare the lender can and will sue for the difference.
They can attempt all avenues of collection. Freeze your bank accounts, garnishee your wages and as a last resort put a lien on your primary residence

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1 Comment → “What happens when my timeshare I still owe on gets foreclosed?”

  1. Stephanie

    Apr 12, 2013

    I was in your situation but considered foreclosure as a way to get out of my timeshare. I realized that that wasn’t for sure a good way to go. So I took a cash advance on my credit card and paid it off and made monthly payments to my credit card. I then made the MISTAKE of paying a company called Vacation Register hundreds of dollars to “sell” my timeshare, but they’re all rip offs. I just found a company that named IA Vacations that would buy my timeshare if it was worth anything. It wasn’t, but he said I could pay $ 600 to get out of my timeshare for good, no more maintenance fees, no more ties at all! I was skeptical, but this guy was really nice and helpful and I took a leap of faith. His name is Robbie Pickel and you can reach him at (866) 660-3009. Good luck getting out of your timeshare and spread the word about how horrible timeshares are so more good people don’t get screwed like you and me.

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