Posted on: 19th Mar, 2009 12:57 pm
If I can no longer afford my timeshare payments, can they garnish my wages for the amount defaulted?...My wife and I have a timeshare that we can no longer afford to pay on due to the economic situation and we need the money for living expenses instead. We don't mind losing what we've paid so far but I'm afraid that if they can garnish my wages for the amt due, we would be in worse shape.
Hi GEORGE,
If you do not pay the mortgage dues, the lender will foreclose the property and sell it off in order to recover the debts. If the foreclosure sale results into a deficient amount, then you'll have to pay that deficient amount to the lender. If you cannot pay the deficient amount to the lender, he may place lien on your other property or garnish your wages.
Thanks
If you do not pay the mortgage dues, the lender will foreclose the property and sell it off in order to recover the debts. If the foreclosure sale results into a deficient amount, then you'll have to pay that deficient amount to the lender. If you cannot pay the deficient amount to the lender, he may place lien on your other property or garnish your wages.
Thanks
this is not true they can not put a Lien on a house or garnish wages how can they put a lien on his house when he never used it to secure the timeshare note. The time share was secured by probably a credit card and a signature and as far as wages go first they have to come to his or her state to sue next the chances of a judge allowing garnishment over a timeshare are slim if it at all.
Thanks, jz! Your comments made a lot of sense, and gives us hope that we can get rid of our time share (My husband was downsized and we have been paying over $400/month including maintenance fees for years at 14% interest and STILL owe $16,000 over the next 7 years.)