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Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 36322
Experience:  Texas Attorney for 30 years dealing in real estate
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My name is***** question is this a little over 2 years

Customer Question

My name is***** question is this a little over 2 years ago i purchased a time share for 12 thousand dollars i left a $1,500.00 deposit and i am making payments of $200.00 per month at 15.9% interest i am 63 years old and cant afford this anymore only to find i$1000.00 was paid to the principle. Im thinking on forclosing since i dont fisically own the property, whats my penalty going to look like?? Thank You
Submitted: 6 months ago.
Category: Real Estate Law
Expert:  Ray replied 6 months ago.
Thanks for your question and welcome to JA. Ray here to help you today. I would suggest that you try a deed in lieu here.Deed in lieu has you giving back the timeshare and they do not pursue deficiency judgment. If they foreclose here they can seek a deficiency judgment when they foreclose on it.Then they can try to collect it by garnishing your bank account or other collection.They would seek the balance of the contract and any fees due on the property as well. Reference to deed in lieu. Again you should try to turn it back, tell them you are considering Chapter 7 and want to deed in lieu ahead of such a filing.This would hopefully convince them you are financially unable to continue.This is your least damaging option here in NJ and would avoid foreclosure and deficiency judgment. I appreciate the chance to help you today.I wish you the best here.

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