Legal Question in Real Estate Law in Georgia
Is it better to let a timeshare I can not afford to go into foreclosure? or continue to try to make monthly payments that are difficult and it is and will be difficulty to catch up on the late payments and maintenance fees for the year. What are some options I have. Please Help and advise.
Thank you.
2 Answers from Attorneys
If you allow a timeshare to be foreclosed on, it will likely sell at a loss and you will probably be sued for a large deficiency (and then face garnishment, etc.)
The smart thing is to sit down with a bankruptcy lawyer, who is trained to look at debt problems. Some form of bankruptcy could be an answer, and he wil explore any non-bankruptcy options you may have as well.
You are asking for a budget analysis with absolutely no facts (other than you own a time share). See a credit counselor - try cccsatl.com, or an affiliate.
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