Many people buy a timeshare, often in a resort condominium, and use it for vacations. A timeshire is a form of property ownership where several owners have the right to use the property for a specified period each year. What many timeshare owners don't know, is that if you fail to make timeshare payments, you can be subject to foreclosure.
Timeshare foreclosure procedures vary by state and are often different from the procedures that govern foreclosure of your home or other property. Many timeshare foreclosures proceed very quickly, so it's important to understand the basic concepts, what can lead to foreclosure, how to avoid a foreclosure, and what happens if your timeshare is lost through foreclosure. In most situations, it's a good idea to contact a lawyer immediately if you want to save your timeshare interest.