Posted on: 16th Mar, 2011 08:38 pm
Is a time share foreclosure the same as of a home foreclosure
Welcome eduardovalenzuela,
A timeshare foreclosure is similar to that of a home foreclosure. If you're unable to pay off the mortgage for the timeshare, the lender will foreclose the property in order to recover the dues. After foreclosure, your credit score will go down by around 250 points and you'll be liable for paying the deficient balance to the lender.
A timeshare foreclosure is similar to that of a home foreclosure. If you're unable to pay off the mortgage for the timeshare, the lender will foreclose the property in order to recover the dues. After foreclosure, your credit score will go down by around 250 points and you'll be liable for paying the deficient balance to the lender.