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We owned a timeshare property at Las Vegas. Last year my wife lost her job and I told my timeshare company we no longer can pay the mortgage. We stopped paying them an year ago.

But, they still call me under the pretense that they are collecting a debt. I thought if I don’t pay the mortgage they keep the property. Do I need to get a lawyer to stop them from calling me?

Asked on September 22, 2016 under Real Estate Law, Texas


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

If you don't pay the mortgage, the financing company (which may be the timeshare company, or may be a 3rd party lender) *can* foreclose on the property, but is not required to--they could instead go after you for the amount of the mortgage. (Foreclosing is an *option* for them, not mandatory.) And even if they choose to forclose, if the property is "under water"--worth less than the mortgage--then they can still go after you for the unpaid balance; that is, for any part of the mortgage not satisfied by foreclosure. The mortgage is a contractual legal obligation; there is no way to get released from it until and unless it is paid in full, one way or another.

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