Timeshare
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Timeshare
We owned a timeshare property at Las Vegas. Last year my wife lost her job and I told my timeshare company we no longer can pay the mortgage. We stopped paying them an year ago.
But, they still call me under the pretense that they are collecting a debt. I thought if I don’t pay the mortgage they keep the property. Do I need to get a lawyer to stop them from calling me?
Asked on September 22, 2016 under Real Estate Law, Texas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
If you don't pay the mortgage, the financing company (which may be the timeshare company, or may be a 3rd party lender) *can* foreclose on the property, but is not required to--they could instead go after you for the amount of the mortgage. (Foreclosing is an *option* for them, not mandatory.) And even if they choose to forclose, if the property is "under water"--worth less than the mortgage--then they can still go after you for the unpaid balance; that is, for any part of the mortgage not satisfied by foreclosure. The mortgage is a contractual legal obligation; there is no way to get released from it until and unless it is paid in full, one way or another.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.