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Is a timeshare a mortgage debt or a consumer debt?

In: Credit and Debit Cards, Loans, Mortgages, Home Equity and Refinancing, Debt Counselors and Consolidation, Money Management [Edit categories]

Answer:

A timeshare is a consumer debt. A mortgage is a document that pledges a piece of real estate to the bank in the event the loan is not repaid. When you buy a timeshare, you do not actually have any rights to the physical property, even after you've paid your loan and all associated fees. You have simply prepaid a property owner for the use of the property for a certain length of time. Another way to think of a timeshare is as a prepaid rental that can frequently be exchanged to time in another location, or another time of year.

First answer by ID1087266466. Last edit by ID1087266466. Question popularity: 149 [recommend question].

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