Q: I have a timeshare located in South Carolina that I got in 2017. I lost my job and stopped paying. I have now received
A letter for non-judicial judgement. It says, Notice of default and intent to sell. I need to know what my options are if I can’t pay. It says I am not subject to deficiency, but I need to know what actually happens if foreclosure happens. Do I still owe?
A:
Since the foreclosure is not seeking a deficiency judgment, you will not have to pay the mortgage after the property is sold. You may have liability for unpaid regime fees and assessments.
You are probably experiencing other financial issues, but, if this is reported to the credit bureaus, your credit score may be hurt.
Your situation is probably about as good as it can be at this point, however, keep an eye on your credit reports.
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