Legal Question in Real Estate Law in Alabama

We own a timeshare. My husband was forced into early retirement and we can no longer afford to pay for it. We are going to let it go into foreclosure. We want to know if we will still be responsible for any charges or fees.


Asked on 3/24/10, 7:11 am

1 Answer from Attorneys

James Coleman Murchison & Howard, LLC

Yes. If you let the property go into foreclosure you are still liable for the full amount of the mortgage, fees, interest, cost of foreclosure etc. The bank can take this as a "deficency judgment" against you for the difference in all of these costs and whatever they sell your interest in the property for. You can walk away, but they can take and attempt to collect on the deficiency judgment.

Read more
Answered on 3/29/10, 8:14 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Alabama