What is a right to cure on a time share mortgage?

A right to cure on a timeshare mortgage allows the borrower to rectify any default, such as missed payments, before the lender can initiate foreclosure proceedings. This provision typically enables the borrower to pay the overdue amount and any associated fees within a specified timeframe, restoring their mortgage agreement. It serves as a consumer protection mechanism, giving timeshare owners a chance to maintain their ownership despite financial difficulties. The exact terms of the right to cure can vary based on state law and the specific mortgage agreement.