Original Message:
Can't make payment on my timeshare. What are the consequences? Please need some help. (by Edward E.):
Jess, it actually is a mortgage and it can be foreclosed but who really cares about that, your right, you don’t own anything other than your right to use a week or points on a giving day according to contract, however it is a mortgage and because it is, it has many benefits to a real mortgage owner, especially if your paying or paid off your house, many don’t think about it but because it is considered a mortgage and you can write it off as a tax write off . It’s true, I do it every year. I’ll probably get forclosed on 2 soon but I took on better deals before they do. You can rent them if you know how and they can pay for themselves and you can sell them once they are paid off.