How can I get rid of timeshare property fast? Is the foreclosure damage the same as on a house?

I’m in danger of going into foreclosure on some timeshare property in Florida. Will the credit damage be just as bad as losing a house?

By | 2013-08-28T03:19:07+00:00 August 28th, 2013|Mortgages Home Loans Interest Rate|1 Comment

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  1. valstpatrick August 28, 2013 at 3:52 AM - Reply

    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,

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