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mandie
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« Reply #1 on: May 08, 2009, 07:26:32 AM » |
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Any time you owe money to a lender, that lender may attempt to successfully get a judgement against you to recoup monies owed. There are two types of foreclosure in the US - foreclosure by judicial sale and foreclosure by power of sale. A judicial sale, also known as sale of deed, is the most commonly pursued foreclosure, and does allow the lender/timeshare organization to sue for the difference between the auction price and amount owed. All parties involved in this type of foreclosure must be advised in a legal fashion in accordance with court laws of the proceeding, including the foreclosure sale and the new amount owed before the foreclosure is able to proceed. The party owing money has the option to respond and dispute the foreclosure. If, after all this, a judgment is levied against you, it is enforceable within the jurisdiction of the judgment, i.e. if the judgment takes place in the US, it is only enforceable in the US, NOT any foreign countries. If the lender wishes to pursue the judgment in a different jurisdiction they would have to follow the laws and statutes set forth in that particular country.
All foreclosures are a matter of public record and are reported to credit agencies within the US, again, this does not hold true for countries outside the US.
Are you really going to be sued for the balanced owed on your timeshare? Most likely not, simply because the time, effort, and legal fees the lender/timeshare organization would have to put forth is relatively little compared to what they could be making by reeling in a new owner.
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