Q: I bought a timeshare in FL and can no longer afford it. I also have only been able to use it once. I have been unable
to sell it and the place I purchased it from will not buy it back for what I owe on it. What are my options other than forclosure and if I have to go the foreclosure route what are those laws in FL.?
A:
Florida does judicial foreclosures. In a nutshell this means that the secured party (who you make the timeshare payments to, I imagine) would sue you to foreclose its mortgage. The property is sold, and if it brings less than what you are owed, a judgment would be entered against you for the difference (the "deficiency").
You might want to confer with a bankruptcy attorney in your state of residence (New York, apparently) about filing for bankruptcy protection. It might be possible to get a "cramdown" (forcing the creditor to accept less than the amount owed) if under the bankruptcy laws timeshares are not considered "residential" property.
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