Foreclosure on a Timeshare?

We have a FL timeshare which was bought through the developer and finance arranged by them, I assume. Due to recent events, been unbale to keep up with these payments.

Well, least needs to be said about the financing company's attitude & collection calls.

I hear them say - "foreclose" the property. Can anyone explain what that means? It is a deeded timeshare with points.

Thanks!

Where is your timesahre/

As with any piece of real estate, they can place a lien on it and then go to court to have the property awarded to them.

Unfortunately, that involves a few grand in legal and court fees which they will also come after you to collect.

They will also go after your credit rating. They can legally place a lien on your house too.

Sorry for the news...