I've been paying for 5 years on a timeshare, ontime and recently just slow on payment and I'm being harrassed, and threatened that they will foreclose on the timeshare and garnish my wages...is this true. We begged them to drop the interest rate as low as possible (15.9% currently) as it's killing us.. we don't mind loosing all that money over the past 5 years just to live...they want to refinance the balance of $17,000 but at 15.9%...time is of the essence, thank you.
Before it can garnish your wages, the creditor has to file suit and get a judgment. After that garnishments are possible. Talk to a consumer law attorney about possible options like settlement, bankruptcy, a deed in lieu of foreclosure (not likely for timeshares that are not worth much).
[This communication is intended as general information and not specific legal advice, and this communication does not create an attorney-client relationship.]