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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.
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Can a timeshare be discharged in ch 7?
A timeshare is an asset, not a debt. It cannot be discharged. If you are in arrears in your timeshare payments, like being in arrears on a mortgage, you would be able to surrender the timeshare and discharge the arrears.
Does a timeshare have to be included in your debt to income ratio when applying for a mortgage?
If you have a monthly payment, then the amount needs to be included. The lender is doing this so that they know you have the money to pay the mortgage, and that you are not financially overextended.
What will happen if you stop paying on a timeshare that has a mortgage?
Failure to pay the mortgage on a time share property will result in the lending institution seeking a foreclosure on the timeshare; the lender will then own the timeshare and be able to sell it on to someone else.
Where can one find information on the rules for debt consolidation mortgage loans?
Rules for debt consolidation mortgage loans can be found from many different online sites. Some of the those sites are Consumer, CIBC, Wells Fargo, TD Canada Trust and many more.
What is the fine line difference between commercial debt and consumer debt?
Consumer debt is governed by the FDCPA....commercial debt is not.
Can a timeshare be discharged in ch 7?
A timeshare is an asset, not a debt. It cannot be discharged. If you are in arrears in your timeshare payments, like being in arrears on a mortgage, you would be able to surrender the timeshare and discharge the arrears.
Does a timeshare have to be included in your debt to income ratio when applying for a mortgage?
If you have a monthly payment, then the amount needs to be included. The lender is doing this so that they know you have the money to pay the mortgage, and that you are not financially overextended.
What will happen if you stop paying on a timeshare that has a mortgage?
Failure to pay the mortgage on a time share property will result in the lending institution seeking a foreclosure on the timeshare; the lender will then own the timeshare and be able to sell it on to someone else.
Are you debt free if you have a mortgage?
No. You are in debt as much as you still owe on the mortgage.
Is a home mortgage debt considered a federal debt?
No. A federal debt is a debt that is owned to the federal government. A home mortgage is a debt that is owed to the lending agency, be it a bank, a mortgage company, etc.
Where can one find information on the rules for debt consolidation mortgage loans?
Rules for debt consolidation mortgage loans can be found from many different online sites. Some of the those sites are Consumer, CIBC, Wells Fargo, TD Canada Trust and many more.
What is the fine line difference between commercial debt and consumer debt?
Consumer debt is governed by the FDCPA....commercial debt is not.
What is consumer dept?
Consumer debt is the debt (money owed) by people as opposed to the debt of institutions, governments or businesses
Where is it possible to get a debt consolidation mortgage?
You can get a debt consolidation mortgage from mortgage brokers, commercial mortgage bankers, commercial banks, credit companies, online lenders, savings and loan associations.
Where can I find information on mortgage debt relief?
Mortgage debt relief is an incredibly hot topic the world over. Generally, one should look into a credit repair type company for assistance in any type of debt relief, including a mortgage debt.
Who is responsible for mortgage debt after death?
The mortgage debt is the responsibility of the estate. The mortgage will have to be satisfied before the estate can be closed. Before anything in the estate can be distributed, the debts have to be cleared.
What happens to a mortgage after a bankruptcy?
What happens to a mortgage after bankruptcy depends on whether or not the debt is reaffirmed. If the mortgage is reaffirmed the homeowner continues to pay it as if the bankruptcy had not been filed, since the debt has not been discharged. If the debt is not reaffirmed, what happens to the mortgage depends on the policies of the individual lender.
