timeshare foreclosure

I bought a timeshare in the states Florida and I live in Canada
Lately is been kind of difficult to make my monthly payments
What would happen if I cancel my credit card and stop
Paying for it? Would that affect me in any way if I live in a different
Country

Hi lildev,

It won't affect you as you're staying in Canada. However, if you stop paying the mortgage dues, then the lender will foreclose the property and sell it off in order to get back his dues.

Take care.

My husband and I bought several timeshares and had them paid off. Two years ago, we were led to believe that unless they are in points we would not be able to exchange them. We should have known better and not fall for their sales tactics. But now financially, we can not afford to pay for them. We sought advice from a lawyer and he said to just quit paying for them. I know he is a lawyer, but is that the best solution to get out? We have tried to work with the Timeshare association, and they are not working to good with us. So please help.

Hi Frankie,

If you stop paying the dues, the timeshare company can foreclose them which will have a negative affect on your credit report. You should try and negotiate with the timeshare company so that they work with you and you can find a solution to your problem.

Thanks,

Jerry

Timeshare companies are thieves. I ask everyone to stop paying them until they get bankrupt themselves. They will scare you that they will mess your credit just to make you pay for a thing that is worthless. They usually send people on forums like these to answer questions in their favor and to lie to people. JUST STOP PAYING THEM AND ANSWERING THEIR CALLS. After 3 years you will be able to buy a house and after 7 years it will be off your credit report and you will be free for the rest of your life from Maintenance fees.

Hi Eric,

If the debts of the timeshare company are not paid off on time, then the lender will have the rights to foreclose the property. A foreclosure will leave a negative mark in your credit report and your credit scores will get lowered by 250 points.

Thanks,

Jerry

i am canadian and bought a t/s in arizona
paid in full and company went bk and was
taken over by another company.
rates doubled and i am not happy
do i have recourse or should i walk away?
what are the reprocussions

Hi ddcar,

You can list the timeshare in the market and sell it off in order to get rid of the property. Rather than walking away from the property, selling it off will be a better option.

Thanks

Our timeshare was foreclosed on the company is willing to work with us and wants us to pay the back dues plus three months of this year. However their pulling it out of foreclosure means that they will take all the equity and sell us another comprable one for 1 dollar is this really worth it?

Hi Jaxx,

Your query has been replied to in the given page: http://www.mortgagefit.com/know-how/about53936.html

Please take a look at it. I hope it will help you.

My husband is retired and also on social security disability and I have lost my job due to cutbacks and medical we can not afford to keep paying mortgage payments on the timeshare, we owe 25,000 what will happen if we stop paying

Hi Linda,

Rather than stopping payments, I will suggest you to contact the lender and check out if you can get loan modification. This will help you save the property and won't have much negative impact on your scores.

You can sell the timeshare in your own. If it is a Worldmark property, They charge you $299 to transfer the sale. Otherwise if you choose to foreclose it will eventually go against your credit, but as long as all other credit is kept in good standing it will recover over time. If you looking to make a major purchase, you may want to consider selling on your own. With worldmark you can also opt to Rent your points through them and use the money for dues etc. Make it pay for itself.

Thanks for sharing your opinion, dg50sumpn!! :)

The consequences vary depending on the original timeshare contract. When a timeshare contract is properly cancelled, you will not have any further strings attached to the timeshare company. Visit: timesharescam.com/blog/127-what-happens-if-i-stop-paying-my-timeshare/