Questions about CWA Foreclosure

[raenap]

Hello,
We have a mortgage for a Club Wyndham Access timeshare. I can not keep up with it.
My daughter had a back injury and now owe doctors upward of $5,000 and it will be more once our deductible starts over next year.
I just pay Wyndham anymore.
I don’t care about the credit hit. That’s the least of my concerns. I’ve read horrible things about them being able to put judgements against people and that court judgements can garnish wages/income tax. Etc.
I appreciate any wisdom or advice about foreclosures and it’s process.
Thank you!

 

[Fido Chuckwagon]

I don’t care about the credit hit. That’s the least of my concerns. I’ve read horrible things about them being able to put judgements against people and that court judgements can garnish wages/income tax

A deficiency judgment against you and garnishment of wages is about as unlikely as being struck by lightning multiple times. What state is the timeshare located in and what state do you reside/work in? That information will help you get a better answer.

There can be tax implications for forgiven debt.

 

[raenap]

A deficiency judgment against you and garnishment of wages is about as unlikely as being struck by lightning multiple times. What state is the timeshare located in and what state do you reside/work in? That information will help you get a better answer.

There can be tax implications for forgiven debt.

I live/work in Texas.
The contract is not deeded, just Access to a pool of points. It doesn’t say anything about state of ownership on the website in my account. I’ll have to find the paper contract for more details.
Thank you for your response.

 

[dioxide45]

A deficiency judgment against you and garnishment of wages is about as unlikely as being struck by lightning multiple times. What state is the timeshare located in and what state do you reside/work in? That information will help you get a better answer.

There can be tax implications for forgiven debt.

CWA isn’t deeded timeshare. What would be important to know is what state is the mortgage filed in. That will determine where foreclosure takes place. If there is really even a formal foreclosure on CWA.

 

[bnoble]

There is no foreclosure, because with Access there is no property. Wyndham can more or less just terminate the trust agreement for lack of payment. You will probably hear from collections, and maybe take a small credit hit.

Ignore all of it, and just walk.

 

[Fido Chuckwagon]

CWA isn’t deeded timeshare. What would be important to know is what state is the mortgage filed in. That will determine where foreclosure takes place. If there is really even a formal foreclosure on CWA.

Yeah, I glossed over the part where OP indicated it was Club Wyndham Access. I agree, just walk, the likelihood of any consequences other than a credit hit are vanishingly small.