How can I get rid of timeshare property fast? Is the foreclosure damage the same as on a house?
Question:
Answer:
Depends on how the timeshare was sold to you - it could just be an account on your credit that will show delinquent and maybe repossession. Since you only own a portion of the property not the property itself it will not be a foreclosure.
You may see collection activity and this will DAMAGE your credit rating. Try to unload it - then negotiate with the creditor to take a settlement if you are upside down.
Good Luck,
List it for sale online or ask the company that manages the location if they have any resources that would help you out. Sometimes management companies will have worked with people who were in similar situations as you're in right now, and be able to provide you with some way to unloading the property very quickly.
In terms of your credit, it will depend on what ownership interest you have in the timeshare. Some work essentially like ownership of a condominium, and that would damage your credit the same as a foreclosure. Others work like you are just renting the timeshare for a certain time of the year and that might not be as damaging. Since you mention they're foreclosing on the timeshare, it would seem that you have ownership like a condo, so the foreclosure would be as bad as if it was a house.
Obviously, though, your timeshare might not be for the same large amount of a loan as a house would be, so that may help you a little. When loans of hundreds of thousands of dollars are defaulted, it's more serious to potential creditors than if it was a smaller loan.
Good luck, hopefully you can unload it before the foreclosure.
ForeclosureFish
http://www.foreclosurefish.com/...
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