Anyone know or have experience with foreclosure on timeshares? I am currently behind 4 months on two and am wondering what to expect? Thanks.
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Since you don't own anything, I wouldn't even worry about it. You lose your timeshare thats all. Which is probably a good thing. -
Re: timeshare foreclosure
Well we actually do own property in Texas that is 130 acres over the 200 acres exemption. We live on it and operate a ranch on it. I also have a job that is over the median. Was told that the most likely scenario would be the mortgage foreclosure and a possible 1099 out of it. Does this sound right to you or anyone who may have experience this? thanks so much for the reply, I really appreciate it.Comment
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How is your ranch property related to your timeshare?
If it's a straight foward vacation timeshare, you don't really own "real estate", you own a "right of use". Thus, essentially, all that happens is that your contract is terminated and any fees or dues still owed become unsecured debt.Comment
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