Legal Jeopardy

We are not attorneys and are expressing our experienced
opinions within these answers.
If you are concerned, please contact an attorney for clarification.

Deeded real estate owners face foreclosure. Foreclosure is the process whereby the lender files to take possession of the property and sell it at auction to recover the money you owe. The main type of foreclosure is a non-judicial foreclosure. You receive the official Notice of Default and the Notice of Sale. The process is the lender bids just enough to cover it’s debt so any higher bids generates a little profit. If no one else is bidding and the lender tries to bid low to get the property and right to come after more from the debtor, the court looks harshly on that attempt. Only when the total debt is significantly more than the full market value of the property does the court allow this to happen. The lender sells the property to someone else. The lender cannot get more than the sale of the property.

For right-to-use timeshares, according to Contract Law, there is no collateral (property) to place a lien against. The company may sue you in civil court to obtain a judgment and then may garnish your wages or levy your bank account to get the money you owe.