Posted on: 09th Dec, 2008 06:20 pm
We are Canadian. If our timeshare (in Orlando) goes into foreclosure does it affect our credit the same as someone who lives in the US?
Hi sinking fast,
As far as I now, the effect on a foreclosure will be similar both in US and Canada. In USA a foreclosure leads to affect your credit score by at least 250 points. I guess you have taken the loan based on your credit score in USA. Thus a foreclosure will affect your credit by 250 points. However, I think this foreclosure will not affect your Canadian credit score.
Thanks
As far as I now, the effect on a foreclosure will be similar both in US and Canada. In USA a foreclosure leads to affect your credit score by at least 250 points. I guess you have taken the loan based on your credit score in USA. Thus a foreclosure will affect your credit by 250 points. However, I think this foreclosure will not affect your Canadian credit score.
Thanks
i had a time share i quit paying the mortgage in may and the company (hyatt) has now sent it to a collection agency. what can i expect now. can they garnish my wages and sue me? or should i just go into bankrupt
Hi elaine,
As the mortgage has been sent to collections, the collection agency will now collect the dues from you. If you are unable to pay the dues, the collection agency can sue you for your debts.
As the mortgage has been sent to collections, the collection agency will now collect the dues from you. If you are unable to pay the dues, the collection agency can sue you for your debts.
Our timeshare is now in foreclosure, when this is complete will there be any tax reprocutions?
Hi,
I think you mean to say Tax Repercussions? As per my knowledge, as your timeshare is in foreclosure there will be tax repercussions. However, according to federal law different state has different laws plus the taxes also depends upon the kind of mortgage you hold. I would suggest you to consult with a good attorney to get detailed information.
I think you mean to say Tax Repercussions? As per my knowledge, as your timeshare is in foreclosure there will be tax repercussions. However, according to federal law different state has different laws plus the taxes also depends upon the kind of mortgage you hold. I would suggest you to consult with a good attorney to get detailed information.
Hi,
I think you mean to say Tax Repercussions? As per my knowledge, as your timeshare is in foreclosure there will be tax repercussions. However, according to federal law different state has different laws plus the taxes also depends upon the kind of mortgage you hold. I would suggest you to consult with a good attorney to get detailed information.
I think you mean to say Tax Repercussions? As per my knowledge, as your timeshare is in foreclosure there will be tax repercussions. However, according to federal law different state has different laws plus the taxes also depends upon the kind of mortgage you hold. I would suggest you to consult with a good attorney to get detailed information.