Can I foreclose on two timeshares (without declaring bankruptcy) and still protect my house?

Are you saying can you let the timeshares be foreclosed without facing personal responsiblity for any deficiency? Or do you hold a mortgage on the timeshares? I am confused by your question.

Here are some Quick Facts about foreclosure in California Judicial Foreclosure Available: Yes Non-Judicial Foreclosure Available: Yes Primary Security Instruments: Deed of Trust, Mortgage Timeline: Typically 120 days Right of Redemption: Varies Deficiency Judgments Allowed: Varies In California, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. Judicial Foreclosure The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder. Using this type of foreclosure process, lenders may seek a deficiency judgment and under certain circumstances, the borrower may have up to one (1) year to redeem the property. Non-Judicial Foreclosure The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines". Power of Sale Foreclosure Guidelines If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows: A notice of sale must be: 1) recorded in the county where the property is located at least fourteen (14) days prior to the sale; 2) mailed by certified, return receipt requested, to the borrower at least twenty (20) days before the sale; 3) posted on the property itself at least twenty (20) days before the sale; and 4) posted in one (1) public place in the county where the property is to be sold. The notice of sale must contain the time and location of the foreclosure sale, as well as the property address, the trustee's name, address and phone number and a statement that the property will be sold at auction. The borrower has up until five days before the foreclosure sale to cure the default and stop the process. The sale may be held on any business day between the hours of 9:00 am and 5:00 pm and must take place at the location specified in the notice of sale. The trustee may require proof of the bidders ability to pay their full bid amount. Anyone may bid at the sale, which must be made at public auction to the highest bidder. If necessary, the sale may be postponed by announcement at the time and location of the original foreclosure sale. Lenders may not seek a deficiency judgment after a non-judicial foreclosure sale and the borrower has no rights of redemption. REQUEST: Please give this answer a "thumbs up"(below) if you find it valuable. Disclaimer: This answer does not constitute legal advice. I am admitted in the States of New York, New Jersey and Massachusetts only and make no attempt to opine on matters of law that are not relevant to those three States.

If there is equity in the house, then the companies can try to get liens after taking the timeshares for anything that you still owe. If there is not equity, then a lien is irrelevant. Talk to a local bankruptcy attorney. Your income is only part of the issue. The means test is the rest and it is not easy. [I am a Virginia-licensed attorney. This communication is intended as general information and not specific legal advice, and this communication does not create an attorney-client relationship.]

How do you know you cannot file a chapter 7 based on your income? Did you speak to an actual bankruptcy lawyer? Did you know there are other ways to qualify other than through income? disclaimer I have been quoted and written about by CBS Marketwatch regarding related areas of law. To see some of these articles written about me and my practice, please visit my blog. See below for the link. If you find my answer helpful, please click the ‘thumbs-up’ tab below. Thank you. DISCLAIMER—This answer is for informational purposes only under the terms and conditions. It discusses general legal principles and considerations and is not intended as specific legal advice regarding your question. This answer does not establish an attorney client relationship. Attorney Gerald Wolfe Law Office of Gerald Wolfe 19600 Fairchild Road, Suite 295 Irvine, CA 92612 (949)257-0961