Posted on: 09th Feb, 2012 03:24 pm
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?
The lender may then declare the entire debt due and owing and may seek to satisfy it by foreclosing. Foreclosure is commonly by a court-decreed sale of the property to the highest bidder, who is often the lender.
:idea:
:idea:
Welcome Jaxx,
It is for you to decide whether or not you will be comfortable with the idea of another timeshare which you will get for $1. Rather than losing the house, I personally feel, this will be a better option.
It is for you to decide whether or not you will be comfortable with the idea of another timeshare which you will get for $1. Rather than losing the house, I personally feel, this will be a better option.
Many of these folks are under the mistaken impression that there would be no consequences to allowing the payments to lapse. But that could not be further from the truth. Timeshare companies will foreclose on your timeshare if you fail to pay your bill and this will wind up on your credit report, just like if you decided to stop paying your mortgage or a credit card bill. You may also wind up being pursued by a collections company for back payments and could possibly face additional penalties and fees as a consequence of non-payment.