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RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 27594
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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T will happen if I stopped paying mortgage on a timeshare, i

Customer Question

t will happen if I stopped paying mortgage on a timeshare
JA: When we are ready I'll take you to the appropriate web page.
Customer: i would like to know what will happen if i stopped making payments on a timeshare mortgage
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: yes i live n va. timeshare is in tennessee
JA: Has anything been filed or reported?
Customer: i don't understand your question
JA: Anything else you want the lawyer to know before I connect you?
Customer: no
Submitted: 9 months ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 9 months ago.

Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help with your question and concern

Expert:  RealEstateAnswer replied 9 months ago.

If a timeshare owner stops paying their mortgage, the resort will eventually foreclose and take the timeshare interest back. If that happens, they may also try and sue for any deficiency which is owed and due, as a result. In addition, the credit of the timeshare owner may be effected as well, since the loan/payments will be in default. Ideally, the resort will eventually accept a deed in lie of foreclosure and simply take it back and not go through the legal process, if the owner agrees but if not, there are legal proceedings.

Expert:  RealEstateAnswer replied 9 months ago.

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