Posted on: 07th Aug, 2009 12:15 pm
I have a timeshare but having trouble making payments as I have lost 1/2 of my income. What happens if I let it go into forclosure?
precisely what you would expect to happen: you'll lose that timeshare, your credit report will reflect it, and your credit score will take a hit.
however, on the bright side, you'll find that a lot of lenders aren't too concerned when a borrower lets a timeshare go, as long as other credit is pretty good, so you still will be given consideration (even as your score drops).
however, on the bright side, you'll find that a lot of lenders aren't too concerned when a borrower lets a timeshare go, as long as other credit is pretty good, so you still will be given consideration (even as your score drops).
Have you approached the banl for loan modification?
you will loose your property & it will impact on your credit score.