We currently live in Indiana, but lived in Colorado when we bought the Colorado timeshare (does that matter?)
Anyway, we are unable to meet our obligation, (we owe over 9k and only have about 1200 in "equity.") Is the timeshare developer(who holds the loan) under any obligation to agree to a deed in lieu of foreclosure? We are currently 90 days past due. If we "walk away", what can they do to come after us? Obviously our credit will be trashed (but I don't know how long.) Can they garnish wages? Could they sue us for the entire amount?
I want to feel like I know what I'm up against if this is the way we have to go.
I am hoping that the law/credit bureaus view the timeshare obligation differently than a principal mortgage obligation. We are absolutely current in our mortgage and all other debts.
Anyway, we are unable to meet our obligation, (we owe over 9k and only have about 1200 in "equity.") Is the timeshare developer(who holds the loan) under any obligation to agree to a deed in lieu of foreclosure? We are currently 90 days past due. If we "walk away", what can they do to come after us? Obviously our credit will be trashed (but I don't know how long.) Can they garnish wages? Could they sue us for the entire amount?
I want to feel like I know what I'm up against if this is the way we have to go.
I am hoping that the law/credit bureaus view the timeshare obligation differently than a principal mortgage obligation. We are absolutely current in our mortgage and all other debts.