timeshare foreclosure

I have a deeded TS with Marriott, beautiful but we cannot afford the payment anymore, they will not work with us. What can they do to us besides a collection agency.

Hi overlimit,

This issue has been discussed on the following page:
http://www.mortgagefit.com/problems/timeshare-collection.html#151220 .

Hope, it helps you.

have timeshare in florida about to foreclosure, i live in central america, i dont care about credit in the us. becouse i am not an american citizen, but i have a bank account in the uss. ?can the collect the money from that bank account?
thanks

To Ricardo,

If the timeshare is foreclosed and there is deficiency from the sale of the home, the lender can go after your bank account. They will have to seek a deficiency judgment against you to take money from your bank account. But the lenders usually do not seek a judgment against borrowers to collect deficiency from a timeshare foreclosure.

I live in canada and I want to quit paying for my time share in florida.It is a deeded property by the Berkley group, in Palm beach shores,by Vacation village.I cannot affort to make payments any more.What will they do to me, here in canada

Hi john,

Though you have quit claimed the property to the Berkley group, you are still liable for the mortgage if your name is mentioned on the mortgage deed. If you do not pay the dues, the lender will foreclose the property which will affect your credit score in a negative way. You can ask the Berkley group to refinance the loan in their names.

Thanks

Hi all:

I recently lost my job and have foreclosure looming on my home. At this point I could care less about my timeshare, but I know I should. Has anyone else been in the same situation and if so, what were the circumstances? Job loss, foreclosure, no money to pay for the timeshare, etc.,... Just curious about what other people have gone through.

Thanks.

Hi Guest,

I've given my suggestions in regards to your query at:
http://www.mortgagefit.com/foreclosure/timeshare-jobloss.html

Take a look at it. I Hope it'll help you.

I bought a timeshare in Florida with a boyfriend. we broke up and could not afford the timeshare, however he chose to take it over the timeshare. We signed papers to make this happen, stupid me did not keep a copy of those papers anyway they end up foreclosing and killed my credit. This was back in 2006. Is my problems over or will I have to pay any monies later? Do I just wait until my 7yrs and 180 days are over? Timeshare company wants to sell me another timeshare to take the old one off my credit, however I can't afford to take on another time . Help

Welcome Bubba,

If your name was on the mortgage, then the lender can come after you for the deficient amount resulting from the property sale.

Hi,
Does anyone know what HGVC will do if I stop making payment on my timeshares? I own 14,000 point (i.e. floating 2 weeks of 2 bedrooms/2 bathroom at HGVC Waikoloa. I know, I was stupid. I bought it for $75K and had been paying for 5 years. I still have $45K mortgage left (it's a deed property) but I can't sell for even half of my balance. Furthermore, the maintenance fee & taxes is almost $3K/year. What will HGVC do if I stop payment completely?

HGVC can foreclose the property if you stop paying the mortgage payments. You can contact them and check out if they can help you with a repayment plan which will help you in paying off the dues.

Hi,

I own a timeshare in Belize and purchased through a company located in canada. The mortgage is paid, but due to unemployment I can't keep up with the maintenance fees. I just received notice that if they don't receive the arreared amount in 10 days they will foreclose.
My question is- would a forclosure from a timeshare in central america managed by a company in canada have any effect on my US credit rating/score?


Thank you

Hi Becca,

As the property is located in USA, a foreclosure here will have a negative affect on your credit report of USA.

Thanks

Thank you for the reply James, but the property is NOT located in the USA. Nor is the company I purchased it from. Nothing pertaining to this timeshare is within the United States.