We are walking away from our timeshare & owe 12,00.00 can the debt collection agency garnish our wages or tap into our bank account?

    We have tried selling, renting, advertising it & can't get rid of it, because of financial difficulties we have to let it go.

    +1  Views: 474 Answers: 4 Posted: 12 years ago

    4 Answers

    The bank you have your mortgage with will try to sell it first. You will have to repay the remaining money. Whether or not a collection agency will garnish your wages is entirely up to the bank and the collection agency.

    Laws in different states vary.  Suggest you contact an attorney.

    Are you still having problems with your time share or did you find a solution to your problem? Very interested in your situation as we are in the same situation.

    A court has to give authorization to the bank or lending institution to seize your account and prior to that they have to inform you of legal action that may be taken. In PA that's how it works here.

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